Senate Finance Committee Releases its Chairman's Mark of the "Tax Cuts and Jobs Act"
The Senate Finance Committee released its Description of the Chairman's Mark of the "Tax Cuts and Jobs Act" on Thursday evening, November 9th.
Similar to the House bill that was released and marked up in the last week, the Senate version proposes to modify IRC Section 1031 to apply only to real property not held primarily for sale. The Chairman’s Mark is not written in legislative text like the House bill was but the Chairman’s Mark provides detail about what will be included in the bill.
The Senate Finance Committee is expected to begin marking up their bill on Monday November 13th.