The U.S. House Committee on Ways and Means—during a marathon markup lasting 18 hours throughout yesterday and into the early morning hours of today—reported, by a party-line vote, five tax provisions relating to health-care legislation that include measures to:
The tax provisions will now be transmitted to the House Budget Committee. It is expected that the five approved tax provisions from Ways and Means will be combined, by the Budget Committee, with related health-care proposals there were approved today by the House Energy and Commerce Committee (following a 27-hour markup) to create a reconciliation bill. It has not been determined when this reconciliation bill would be considered by the full House or Senate.
Read more information on the tax provisions in the Ways and Means legislation, as well as Joint Committee on Taxation (JCT) revenue estimates, on the Ways and Means Committee website.
The bill would not repeal all of the tax items originally enacted as part of the Affordable Care Act. For example, it does not include the repeal of the codification of the economic substance doctrine (section 7701(o)).
The House on January 13, 2017, passed a budget resolution instructing the Ways and Means and the House Energy and Commerce committees to draft legislation achieving a certain amount of deficit reduction over 10 years. The instructions were drafted to accommodate legislation to repeal and to replace health-care legislation enacted during the Obama Administration.
<p>© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p>
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.