House Passes Budget Resolution

On Tuesday, February 25, the House of Representatives narrowly passed a budget resolution that would extend measures from the 2017 Tax Cuts and Jobs Act (TCJA) and enact additional spending cuts.

Approval of the budget resolution is a key step in the budget reconciliation process, which is an expedited process lawmakers are relying on to fast-track the legislation through the Senate. Read more about the budget reconciliation process here.

Key Developments:

• The resolution calls for $4.5 trillion in tax cuts and a $2 trillion reduction in federal spending over the next 10 years.
• The budget for tax cuts is dependent on the amount lawmakers can cut spending.
• The resolution moves to the Senate next. Under budget reconciliation rules, the legislation will need a simple majority to pass.

Contact your Aprio advisor with any questions about how this alert impacts you.

Browse other important alerts from Aprio here.