Last week the House Republicans introduced the Tax Cuts and Jobs Act, their long-awaited first draft of tax reform legislation, bringing Congress one step closer to achieving tax reform. Earlier this year, the House of Representatives and the Senate passed budget resolutions with reconciliation directives, clearing a path for tax reform which is not subject to a potential filibuster by Senate Democrats. These steps, along with the introduction of the House Republicans’ legislation, increase the possibility of major federal tax reform in the coming months. The tax reform proposals could have significant consequences for current and prospective parties to so-called “tax receivable agreements.”
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