What’s the current status of the tax overhaul bill? The Republican-controlled House and Senate reconciled their separate versions of the new tax bill on December 15, 2017. The House and Senate must each approve the reconciled bill, which will then be sent to the President for signature. It appears very likely that the new tax bill will be signed into law before the end of the year. THE NEW TAX LAW CHANGES WILL TAKE EFFECT AFTER 2017, AND WILL APPLY TO ACTIVITIES BEGINNING IN