Legislative Activity Republicans Focus on Small Businesses, Democrats Target Tax “Loopholes” Following a busy week for tax-writers – which included several hearings on “Tax Day” to address tax reform and the potential impact on small businesses – there is growing discussion about the possibility of pursuing business-only tax reform. To that end, Senate Finance Committee … Continue Reading
Legislative Activity House, Senate to Vote on FY 2016 Budget Resolutions Last week, both the House and Senate Budget Committees approved their respective FY 2016 Budget Resolutions. On the House side, Republicans are using their FY 2016 Budget Resolution to push for comprehensive tax reform that reduces individual and corporate tax rates and eliminates the … Continue Reading
Legislative Activity President’s Budget, Economic Report in Focus This week, Treasury Secretary Jack Lew is scheduled to testify before the House and Senate Appropriations Committees about President Obama’s FY 2016 Budget Request. On Tuesday, March 3, Secretary Lew, along with Internal Revenue Service (IRS) Commissioner John Koskinen and Treasury Inspector General for Tax Administration Russell … Continue Reading
Legislative Activity White House Sends Economic Report to Congress On February 19, the White House released the Economic Report of the President, together with the Annual Report of the Council of Economic Advisors. In the report, the Administration weighs the merits of various approaches to tax reform, including repealing the corporate income tax, cutting the … Continue Reading
Legislative Activity Hatch, Ryan Announce Priorities for Tax Writing Committees Last week, Senate Finance Committee Chairman Orrin Hatch (R-UT) and House Ways and Means Committee Chairman Paul Ryan (R-WI) announced their committees’ priorities for the 114th Congress. With respect to tax reform, Chairman Hatch indicated that any overhaul of the tax Code must make it … Continue Reading
Legislative Activity Early Outlook for Tax Activity in Congress As Congress returns to Washington, tax writers will prepare to move forward on several different fronts. As anticipated in our prior coverage, lawmakers were able to pass tax extenders legislation before the 113th Congress adjourned. The legislation, however, only provided a one-year retroactive extension of the … Continue Reading
Legislative Activity Ways and Means Marks Up Six More Tax Bills, Expected to Continue Work on Extenders Through Summer On May 29, the House Ways and Means Committee held a markup of six bills (four extenders and two new provisions) seeking to make the following tax provisions permanent: (1) conservation contributions; (2) IRA distributions; (3) … Continue Reading
Legislative Activity Camp Releases Tax Reform Discussion Draft On February 26, House Ways and Means Committee Chairman Dave Camp (R-MI) released his long-awaited plan for comprehensive tax reform. The Patton Boggs analysis of Chairman Camp’s discussion draft is available here. This Week’s Hearings: Tuesday, March 4: The House Judiciary Committee will hold a hearing titled, “Exploring Alternative Solutions … Continue Reading
LEGISLATIVE ACTIVITY House Tax Overhaul House Ways and Means Committee Chairman Dave Camp (R-MI) has told GOP panel members he will release a “comprehensive discussion draft” this week of a tax code rewrite. While getting a major change in tax law this year is widely considered to be a long shot, this marks a turning … Continue Reading
Legislative Activity Camp Expected to Release Tax Reform Discussion Draft This week, House Ways and Means Committee Chairman Dave Camp (R-MI) is expected to release his long-awaited plan for comprehensive tax reform. It is anticipated that the proposal will be released in discussion draft form, rather than as introductions legislation. Patton Boggs will provide an … Continue Reading
Legislative Activity Senate Finance Prepares for Baucus Departure Following last week’s confirmation hearing, the Senate Foreign Relations Committee is scheduled to vote February 4 on Senate Finance Committee Chairman Max Baucus’ (D-MT) nomination to serve as the next U.S. ambassador to China. A Senate floor vote will likely occur before the Senate recesses the week … Continue Reading
Tax Legislative Activity Uncertainty as to Timing on Extenders While Senate Democrats have suggested the possibility of taking up tax extenders early this year, Senate Republicans, including Senate Finance Committee Ranking Member Orrin Hatch (R-UT), have indicated that movement on a bill may not occur within such an ambitious timeframe. The House has not shown … Continue Reading
Tax Legislative Activity Senate Finance to Release Tax Reform Proposals Last week, Senate Finance Committee Chairman Max Baucus (D-MT) announced that he intends to release tax reform discussion drafts in the coming weeks. Despite a considerable amount of speculation, the focus and level of specificity of the drafts remain unclear. Chairman Baucus has indicated that “anything’s … Continue Reading