On October 26, the House approved the FY 2018 Budget Resolution, as passed by the Senate on October 19. By adopting the Senate’s Budget Resolution, the House avoided the need for a conference committee to work out differences between the two versions of the Budget Resolution.
This is one of the first key steps in advancing tax reform legislation. The final FY 2018 Budget Resolution allows for up to $1.5 trillion in net estimated revenue loss from a tax reform bill. It sets total FY 2018 spending limits of $516 billion for non-defense discretionary spending and $549 billion for defense spending, consistent with the spending limits established by the 2011 Budget Control Act. House and Senate tax-writers are readying to move tax reform quickly now that the Budget Resolution has been approved. The House Ways and Means Committee has announced it will release its tax reform legislation on November 1, followed by a Committee mark-up of that legislation the week of November 6 and floor consideration the week of November 13.