Senate Republicans will introduce their own tax legislation as soon as the House has moved its version through committee, as early as next week, the upper chamber’s top taxwriter said Thursday.
“While I will study this legislation carefully, I am working with my Senate colleagues to finalize the policy details of the Senate’s tax reform proposal to produce a mark for consideration in the Finance Committee once the House Ways and Means Committee completes its work, hopefully toward the end of next week,” Finance Committee Chairman Orrin Hatch said.
Senate and House Republicans say they hope to move in parallel lanes in hopes of putting tax legislation on President Trump’s desk this year, an extremely short timeline.
The House Ways and Means Committee is scheduled to begin amending and voting on its tax bill Monday.
Speaking at the Capitol after the House bill’s release, Hatch said he “can’t wait to get it, look it over, see if we can take it or amend it and make it better.”
While Republicans have coordinated on the broad outlines of a tax plan, there are likely to be significant differences between the House and Senate versions.
For instance, Hatch was noncommittal Thursday about the House proposal to limit the mortgage interest deduction to $500,000 on new home loans.
