The House Ways and Means Committee May 8 held a meeting covering the work of certain of its 11 bipartisan working groups on tax reform.
The House Ways and Means Committee May 8 held a meeting covering the work of certain of its 11 bipartisan working groups on tax reform, with a second meeting covering the remaining groups expected to be held on May 17. The meeting follows the May 6 release of a 568-page report by the staff of the Joint Committee on Taxation (JCT) entitled "Present Law and Suggestions for Reform Submitted to the Tax Reform Working Groups.”
The working groups were not asked to issue their own specific recommendations for reform, and similarly the JCT report does not include staff recommendations. The JCT report summarizes numerous public comments submitted through April 15 as posted on the Committee's website (without referencing by name the specific groups or individuals submitting the comments), and also provides a lengthy summary of present law and a brief summary of certain prior tax reform proposals.
As expected, the submissions reflect a broad array of opinions from stakeholders in tax reform, many addressing issues of great interest to corporate and pass-through businesses. Some commentators take positions contrary to those of other commentators; for example, some may call for expanding an existing tax incentive, while others may suggest repealing or limiting that incentive in the context of tax reform with rate reduction. Businesses may find the selected items listed below as helpful in understanding the input the Ways and Means Committee will be considering as it moves toward drafting tax reform legislation.