On 9 November 2017, the House Ways and Means Committee announced the passage of the Tax Cuts and Jobs Act, H.R. 1. In addition to the markup amendment agreed to earlier in the week ({News-2017-11-09/P/2-previous coverage}), Committee Chairman Kevin Brady offered a second amendment, including the following as provided in the amendment summary: Section 1004 – Maximum rate on business income of individuals (reduced rate for small businesses with net active business income) The amendment provides a 9-percent tax rate, in lieu of the ordinary 12-percent tax rate, for the first $75,000 in net business taxable income of an active...