Legislative update: JCT “bluebook” explains tax legislation enacted in 2015

JCT “bluebook” explains tax legislation enacted in 2015

The Joint Committee on Taxation (JCT) today released the “bluebook” that describes and explains tax legislation enacted in 2015. The bluebook includes a lengthy discussion of the partnership audit reform provisions that were enacted in November 2015 as part of the Bipartisan Budget Act of 2015 (the “Budget Act”) and that were amended by the Consolidated Appropriations Act in December 2015. This discussion includes considerable additional details about the partnership audit reform law.

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The JCT stated that it was releasing a bluebook (General Explanation of Tax Legislation Enacted in 2015, JCS-1-16), because of the substantial amount of tax legislation enacted during the first session of this Congress. The bluebook explanations follow the chronological order of the tax legislation as signed into law.  For each provision, the bluebook includes a description of present law, explanation of the provision, and effective date provisions.   

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