Congress approves tax reform bill

The Senate voted 51-48 early today to approve the conference report for the Tax Cuts and Jobs Act after removing several provisions that did not comply with budget reconciliation rules. The House then reapproved the bill, which can now go to the president for his signature. 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.