With both the House and Senate having approved their respective versions of H.R. 1, the Tax Cuts and Jobs Act, a joint House/Senate conference committee has been formed to reconcile the differences between the measures.

The conferees are expected to ultimately report a final package for both the House and Senate to consider prior to December 22. If the conference report is approved, it will be sent to the President to sign into law. Republican Leadership and the White House have made completing tax reform legislation prior to Christmas their top legislative priority.

Though there are notable similarities between the packages, conferees will need to resolve specific differences between the bills, and do so in a way that complies with the strict procedural rules that govern consideration of a reconciliation bill in the U.S. Senate.