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Brady Announces that the Outline of Phase 2 of Tax Reform will be Released Next Week

Kevin Brady, Chairman of the House Ways and Means Committee, announced on July 18, 2018 that an outline of the “phase 2” tax reform legislation will be released during the week of July 23rd. Brady also stated that the phase 2 legislation will not include any technical corrections or refinements to the 2017 tax act and that the focus of the legislation will be to make permanent the...

Tax Reform 2.0 Not Expected to Address International Provisions

According to Republican Congressman Carlos Curbelo, tax reform 2.0 will not address international tax provisions, such as BEAT or GILTI.  Instead, the next round of tax legislation is projected to focus on making the individual provisions permanent.  The excluded provisions are expected to be addressed in a future, separate technical corrections bill.  Curbelo also noted that the draft...

Vote on Technical Corrections Bill Not Expected Until After Midterm Elections

While House Republicans are in the process of drafting a technical corrections bill, House Republican leaders do not expect vote a on the bill until after the midterm elections in November. The technical corrections bill would be separate from the “phase 2” tax legislation that would make the individual tax cuts implemented by the 2017 tax act permanent. Kevin Brady, chairman of the...

Legislative Changes to the International TCJA Provisions to Be Considered

In a recent interview, Kevin Brady, chairman of the House Ways and Means Committee, stated that legislative changes to the international provisions of the TJCA are in the works and that these changes may be included in the legislation associated with phase 2 of tax reform, which Brady indicated would be reviewed by House Republicans in July. President Trump has also weighed in on the...

Phase Two of Tax Reform Will Retain Pretax Benefits of 401(k) Plans

A spokesperson from the House Ways and Means Committee recently stated that the new tax proposals will not revise the pretax treatment of 401(k) savings plans. House Ways and Means Committee Chairman Brady previously stated, in an interview, that the phase 2 tax proposal might address retirement and include a savings element. Read More: Ways & Means Quashes Rothification Concerns...

Brady Anticipates Legislative Outline of Tax Reform 2.0 in Early August

House Ways and Means Committee Chairman Kevin Brady, at a Washington Post event held on June 26th, stated that Committee Republicans would begin circulating a draft of the next tax package after the July 4th holiday, followed by the release of an outline of the tax cut package in early August and a vote in the fall.  Brady sees the next round of tax cuts as a package of multiple bills...

Markup for Legislation for Phase 2 of Tax Reform Is Expected After August

House Ways and Means Committee Chair Kevin Brady indicated that a new tax bill may be marked up after the August recess, a date later than his previous estimate. Brady also noted that parts of the phase 2 legislation may be pulled from previous Senate and House proposals. Read More: Phase 2 Markup Likely Delayed Until After August...

Congress Unlikely to Act on Technical Corrections until after November Elections

Congress appears unlikely to pass a technical corrections bill for the Tax Cuts and Jobs Act prior to the November elections. Senate Majority Whip John Cornyn stated that the corrections are not imminent, and as an indication of further delay, Kevin Brady, Chair of the House Ways and Means Committee, has stated that any technical corrections will be affected by the guidance released by...

Legislation for Phase 2 of Tax Reform Expected in August

House Ways and Means Committee Chair Kevin Brady indicated that Republicans hope to have a proposal for healthcare and additional tax changes by August. While the contents of the bill remain uncertain, potential topics include: permanent individual income tax provisions, retirement savings, the treatment of capital gains, and employer incentives for helping to pay back student loan...

Potential Phase Two of Tax Legislation Focuses on Making Individual Tax Changes Permanent

House Republicans intend to roll out a second package of tax cuts this summer. The focus of the new bill is to make the individual tax cuts permanent, but it may also include other changes, such as cutting capital gains taxes and including incentives to boost business innovation. House Ways and Means Committee Chairman Kevin Brady anticipates that the new bill would be approved in the...

The Upcoming FAA Authorization May Not Contain Any Technical Corrections to the Tax Legislation

House Ways and Means Chairman Kevin Brady has indicated that the upcoming Federal Aviation Administration (“FAA”) reauthorization bill is unlikely to contain additional technical corrections to the 2017 tax bill, despite containing a tax title. Congress had previously passed, in the 2018 Consolidated Appropriations Act, a technical correction to fix a provision that encouraged farmers...

“Permanent Tax Cuts of Americans Act” Introduced by the House

This past Monday, Republican House Representative Rodney Davis introduced H.R. 4886, to make the individual provisions of the newly enacted tax law permanent.  Under this bill, subtitles A and B of the tax law, which lower the individual tax rates, would be extended past their 2025 sunset dates with the goal to “provide future tax relief for individual taxpayers”. Read the Bill here:...

Tax Bill Passes in Senate Wednesday Morning, House Expected to Vote (Again) Later Today

Senate Republicans voted to pass a revised version of the Tax Cuts and Jobs Acts early Wednesday morning. The House voted yesterday in favor of the legislation, however several minor provisions of the bill did not comply with Senate rules and had to be removed. The House is expected to vote on the revised version of the bill sometime today. Read More:  Senate passes sweeping GOP tax...

With a Consensus Tax Bill, Christmas May Come Early for Republicans

An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split...

House-Senate Conference Committee Meeting on Republican Tax Reform Bill Held Today

The House-Senate Conference Committee met today to discuss the previously passed Senate and House versions of the Tax Cuts and Jobs Act. During this meeting the Chief of Staff of the Joint Committee on Taxation, Thomas Barthold, provided a brief overview of the key differences in the tax bills and answered questions regarding the two bills in question. This is the only such meeting of...


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