President Trump on Dec. 22 signed Congress’ historic tax reform package -- the most comprehensive rewrite of the tax code in three decades and a top ABA priority.

A bipartisan group of lawmakers -- led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) -- wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.

Seattle-based Washington Federal has announced that it will increase wages for certain employees, make investments in technology and increase its funding for charitable causes with the savings it will see as a result of the tax reform bill, which was passed yesterday.

As the tax bill successfully passed Congress today, several companies—including banks of all sizes—announced plans to increase employee compensation and charitable contributions as a result of the significant tax cut corporations will receive under the new law.

The tax reform bill cleared its final procedural hurdle today as the House voted again to approve the measure, marking the first fundamental changes to the U.S. tax code in more than three decades.

The House this afternoon passed the final version of the long-awaited tax reform bill, which would bring about the first fundamental changes to the U.S. tax code in more than three decades.

In a comment letter with nine trade associations on Friday, ABA urged the IRS to take immediate steps to fix problems with the tax transcript process that could result in significant delays for consumers attempting to purchase or refinance a home.

Late Friday, House and Senate tax committee leaders released the final legislative text of the tax bill that has been approved by the conference committee tasked with reconciling the two chambers' bills.

Republican lawmakers negotiating the differences between the House and Senate tax reform bills have reportedly reached a tentative agreement on a package that would pin the C corporation tax rate at 21 percent, eliminate the corporate alternative minimum tax and provide a 20 percent deduction for pass-through businesses, with the new rates effective in 2018.

While the current tax reform bills are expected to have positive long-term effects on the economy and bank performance, the Financial Accounting Standards Board’s standards require banks to include the impact of the new tax rates in the year that the law is enacted.