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US Tax Reform

House Republicans release tax bill containing technical corrections, extenders and disaster relief

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

House Ways and Means Chairman Kevin Brady (R-TX) late on Nov. 27 released a 297 page tax package that addresses expiring tax provisions, technical fixes for the Tax Cuts and Jobs Act, disaster relief, retirement plans and improvements to the IRS. It is possible that the House could take up the bill by the end of the week as the House Rules Committee has scheduled a meeting for November 28 to review the legislation.

Brady said in a statement that the bill has bipartisan support, but Senate Finance Committee ranking member Ron Wyden (D-OR) has expressed skepticism over the bill, charging that Republicans had not conferred with Finance Committee Democrats over the contents of the measure. A spokeswoman for Wyden tweeted that members had first seen the bill only when it was released to the public. Some lawmakers suggest the bill is an opening salvo on the tax front and that Republicans are open to negotiations.

“This broad, bipartisan package builds on the economic successes we continue to see throughout our country,” said Brady in a statement accompanying the bill. “The policy proposals in this package have support of Republicans and Democrats in both chambers. I look forward to swift action in the House to send these measures to the Senate.”

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