The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, with all Democrats and 13 Republicans voting no.

The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week (see “House Ways and Means Approves Amended Tax Cuts and Jobs Bill,” for details).

The bill features four tax brackets for individuals, instead of the current seven; a larger standard deduction; the repeal of many itemized deductions; a reduction of the corporate income tax rate to 20%; repeal of the alternative minimum tax and, after 2023, the estate and generation-skipping taxes; and many other changes.

After two days of markup, the Senate Finance Committee released a revised chairman’s mark of its version of the Tax Cuts and Jobs Act late on Tuesday. Among the many changes, the revised bill would sunset almost all tax changes affecting individuals after Dec. 31, 2025. This allows the bill to conform to the Senate’s budget reconciliation process, which requires bills to not increase the federal deficit for more than 10 years. The repeal of the alternative minimum tax would also sunset after 2025.

The House Ways and Means Committee voted 24–16 on Thursday to send the Tax Cuts and Jobs Act, H.R. 1, to the full House for a vote. However, the bill, as marked up by the committee, contains many changes from the original version of H.R. 1 released last week. Reportedly, some of these changes were made to reduce the 10-year cost of the bill, and according to a preliminary estimate by the Joint Committee on Taxation, the net effect of the bill as marked up would be to reduce federal revenues by

Thursday saw two developments in the tax reform legislative process. The Senate Finance Committee released a proposed tax reform bill, the Tax Cuts and Jobs Act, and the House Ways and Means Committee issued a revised version of H.R. 1, the bill it first introduced last week.

The Senate bill contains many of the same proposals as the House bill, but also differs in several significant respects from the proposed House bill.

At an estimated projected revenue cost over 10 years of $1.46 trillion, the reduction of the corporate income tax rate in the Tax Cuts and Jobs Act, H.R. 1, is the bill's largest single item by forecast negative effect to the federal budget, according to the Joint Committee on Taxation's estimate (JCX-47-17). But the bill contains many other provisions that would affect a large number of businesses, if enacted.