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Ways and Means Continues Markup of Budget Reconciliation Legislation September 14 and 15

Thomson Reuters Tax & Accounting  

Thomson Reuters Tax & Accounting  

On September 13, House Ways and Means Committee Chairman Richard E. Neal (D-MA), announced that the Committee will continue to consider legislative proposals under the budget reconciliation instructions on Tuesday, September 14, 2021, and Wednesday, September 15, 2021.

Ways and Means Committee markup continues.

The Committee will consider the following priorities and how to pay for them:

  • Clean energy investment and deployment;
  • Extending the expansion of the Child Tax Credit, and making permanent the expansions of the Earned Income Tax Credit and the child and dependent care tax credit;
  • Reinstating Build America Bonds and advanced refunding bonds to provide financing to state and local governments;
  • Expanding tax credit programs for affordable housing investments;
  • Lowering prescription costs for Americans by allowing the HHS Secretary to negotiate for lower drug prices;
  • Providing coverage for Americans in the Medicaid coverage gap;
  • Extending expanded premium tax credits to help lower health insurance costs;
  • Increasing the individual tax rate, increasing the top capital gains rate, and adding a modest surtax on the highest-income taxpayers;
  • Increasing the corporate rate to 26.5%;
  • Harmonizing the U.S. corporate minimum tax rate with the rate agreed to by over 130 countries in international negotiations; and
  • Equipping the IRS with updated technology and the human capital necessary for the complex audits of high-wealth individuals.

The Committee Print of Subtitles F, G, H and J can be found here. The Section-by-Section of the Committee Print for Subtitles F, G, H, and J can be found here.

The Amendment in the nature of a substitute to add Subtitle I, Legislative Recommendations Relating to Funding Our Priorities, can be found here. Section-by-Section of Subtitle I can be found here.

JCT provides descriptions, estimated budgetary effects.

Also, in advance of the Ways and Means markup this week, the Joint Committee on Taxation (JCT) has provided descriptions of the provisions to be considered, and the estimated budgetary effects of the proposals. The JCT’s descriptions can be found at the links below.

Description Of Subtitle F (JCX-37-21) – Infrastructure Financing And Community Development: Budget Reconciliation Legislative Recommendations.

Description Of Subtitle G (JCX-38-21) – Green Energy: Budget Reconciliation Legislative Recommendations.

Description Of Subtitle H (JCX-39-21) – Social Safety Net: Budget Reconciliation Legislative Recommendations.

Description Of Subtitle J (JCX-40-21) – Drug Pricing: Budget Reconciliation Legislative Recommendations.

The JCT’s estimates of the budgetary effects of the provisions in Subtitles F, G, H and J (JCX-41-21) can be found here.

The JCT’s estimate of the budgetary effects of An Amendment In The Nature Of A Subtitute To The Revenue Provisions Of Subtitles F, G, H, I, And J Of The Budget Reconciliation Legislative Recommendations Relating To Infrastructure Financing And Community Development, Green Energy, Social Safety Net, Responsibly Funding Our Priorities, And Drug Pricing, Scheduled For Markup By The Committee On Ways And Means On September 14, 2021 (JCX-42-21) can be found here.

Related statement about SALT.

In a related statement, also issued on September 13, about the SALT (State and Local Tax) deduction, Chairman Richard E. Neal (D-MA), Oversight Subcommittee Chairman Bill Pascrell, Jr. (D-NJ), and Congressman Tom Suozzi (D-NY) said:

“With Speaker Pelosi, we continue to work among our colleagues and the Senate to undo the short-sighted capping of SALT by Republicans. We are committed to enacting a law that will include meaningful SALT relief that is so essential to our middle-class communities, and we are working daily toward that goal.”

That statement can be found here.

 

This article originally appeared in the September 10, 2021 edition of Accounting & Compliance Alert, available on Checkpoint.

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