On November 16, the House of Representatives approved tax overhaul legislation (H.R. 1) by a vote of 227-205. Late Thursday evening, the Senate Finance Committee approved its version of the tax bill, which the full Senate will consider after the Thanksgiving holiday break.
The Congress’s Joint Committee on Taxation said the House-passed bill’s education-related provisions would cost students and families more than $71 billion over the next decade. Specific provisions related to higher education in the House bill include:
Of the above House provisions, the Senate Finance Committee’s bill currently only contains the endowment excise tax. The Senate Finance Committee has added a provision repealing the Affordable Care Act’s individual insurance mandate. That provision is not in the House bill. When the Senate considers the bill, it will be done under the budget reconciliation process, which precludes filibustering the bill.