Senate Finance Committee Provides Congressional Intent Behind TCJA Concepts

The Senate Finance Committee Republicans sent a letter to Treasury asking that its guidance on provisions of the Tax Cuts and Job Act reflect congressional intent. The letter specifically identified three errors to be corrected by technical correction legislation: the effective date of the net operating loss carryforwards and carrybacks should begin after December 31, 2017; qualified improvement property should have a 15-year modified accelerated cost recovery system (MACRS) recovery period and a 20-year alternative depreciation system (ADS) recovery period; and victims of sexual harassment or abuse should be allowed to deduct attorneys’ fees related to a settlement from their taxes.

Read more: 8.16.18 Member Letter – Technical Corrections; GOP Taxwriters Ask Treasury to Accommodate 3 Technical Corrections

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