Legislative Activity
Wyden Planning Extenders Markup in Early April
Senate Finance Committee Chairman Ron Wyden (D-OR) is planning to hold a markup of a tax extenders package sometime in early April. While an official date has yet to be announced, there has been suggestion that Chairman Wyden is planning to hold the markup on April 2. The parameters of a mark, including which of the 55 expired provisions are to be extended, criteria for potential amendments, and whether any offsets will be necessary, are still being discussed by Wyden and Ranking Member Orrin Hatch (R-UT). It is important to note that Sens. Mark Udall (D-CO) and Chuck Grassley (R-IA), along with more than 20 other Senators, recently sent a letter to Chairman Wyden calling for the immediate extension of the investment tax credit and production tax credit for wind energy in the upcoming tax extenders package.
Even if an extenders package passes the Senate, as is widely expected, House and Ways and Means Committee Chair Dave Camp (R-MI) continues to eschew action on extenders, instead choosing to focus exclusively on comprehensive tax reform, thereby making uncertain timing on extenders in the House.
Camp Discussion Draft Receives Criticism from Republicans
On March 14, more than 50 House Republicans sent a letter to House Ways and Means Committee Chair Dave Camp, indicating that they are “deeply concerned” about the proposed tax on banks and the impact it would have on lending and economic activity. The letter comes just weeks after Chairman Camp released his plan for comprehensive tax reform. (The Patton Boggs analysis of the proposal is available here.) Despite indicating that he would like to hold hearings on his proposal, Chairman Camp has yet to do so, and no hearings are currently scheduled.
