Senate Finance Committee Chairman Baucus releases staff discussion draft on cost recovery and tax accounting reform

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11/21/2013 by Washington national tax services (WNTS)
Senate Finance Committee Chairman Baucus releases staff discussion draft on cost recovery and tax accounting reform

At a glance

This release follows the international tax reform discussion draft and tax administration reform discussion draft.

Senate Finance Committee Chairman Max Baucus (D-MT) on November 21, 2013, released a cost recovery and tax accounting reform discussion draft (“discussion draft”) prepared by his committee staff.  This release, the third in a series of Finance staff tax reform discussion drafts, follows the international tax reform discussion draft and tax administration reform discussion draft, issued on November 19, 2013, and November 20, 2013, respectively.  Introducing the release today, Chairman Baucus stated that “America today is using a bloated tax code that was built for businesses close to 30 years ago” that acts “as a brake on economic growth.” He commented that the discussion draft “proposes a modernized set of cost recovery and accounting rules that are simpler, fairer, and lessen tax burdens on small businesses.”