The House Ways and Means Committee today held the committee’s first mark-up of 2015 by addressing seven bills, most of which would permanently extend a number of provisions that have historically been addressed on a temporary basis as part of the recurring “tax extenders” process. The reported bills do not include revenue offsets.
The following bills were passed by the committee and reported to the House of Representatives on party-line votes:
The various bills are currently scheduled to be debated on the floor of the House of Representatives by the end of the month.
Text of the bills and amendments, as well as descriptions of each bill provided by the Joint Committee on Taxation are available on the Ways and Means website.
Various attempts to make some of these proposals permanent were made in the last Congress, but ultimately, the temporary proposals were included with the larger “tax extenders package” and their effective dates have continued to be short-term.
The failure to make these items permanent is, in part, attributable to the president’s threat to veto permanent extensions of expiring provisions when the revenue costs are not offset.
© 2016 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.
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.