House approves tax reform bill

The House of Representatives today voted 227-203 to approve the conference report for the Tax Cuts and Jobs Act, sending the legislation to the Senate for a vote as early as tonight. The conference report maintains tax-exemption for private-activity bonds and medical expense deductions, as advocated by the AHA. It also repeals the Affordable Care Act’s individual mandate to purchase health insurance; changes the way organizations can deduct interest expense on their debt; repeals the exclusion from gross income for interest on advance refunding bonds; and creates a 21% excise tax on certain executive compensation, among other provisions. The president is expected to sign the bill.