Tax Bill Clears Congress, Awaits President’s Signature – NMP Skip to main content

Tax Bill Clears Congress, Awaits President’s Signature

Dec 20, 2017
The Tax Cuts and Jobs Act has left Capitol Hill and is awaiting President Trump’s signature to become law

The Tax Cuts and Jobs Act has left Capitol Hill and is awaiting President Trump’s signature to become law.
 
The U.S. Senate voted in the early hours of the morning to pass the Tax Cuts and Jobs Act by a 51-48 margin. The vote was strictly along party lines, with Arizona Republican John McCain absent from the vote. The legislation passed in the House of Representatives yesterday on a 227-203 vote, with 12 Republicans voting against it and no Democrats supporting it.
 
Due to a procedural glitch in the reconciliation process between the two congressional chambers, the House need to vote on the bill again this morning. On the second vote, the House passed the bill by 224-201 margin.
 
“The new tax regime will fundamentally alter the benefits of homeownership by nullifying incentives for individuals and families while keeping those incentives in place for large institutional investors," said Elizabeth Mendenhall, President of the National Association of Realtors (NAR). "That should concern any middle-class family looking to claim their piece of the American Dream."
 
The President hosted GOP leadership at the White House to highlight the bill’s passage, but has yet to sign the bill. White House legislative director Marc Short said that President Trump could possibly sign the bill while he's vacationing at his Mar-a-Lago estate in Florida for the holidays.
 
 
About the author
Published
Dec 20, 2017
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026
The Hidden Cost Of Appraisal Uncertainty

As home equity lending grows, lenders need a better way to resolve conflicting property evidence before it creates costly setbacks