Chairman of the House Ways and Means Committee, Kevin Brady (R-TX), along with ranking member Sander Levin (D-MI), introduced H.R. 4891, a bill to make technical corrections to the Internal Revenue Code. A companion bill was introduced in the Senate as S. 2775.
The Joint Committee on Taxation (JCT) last evening released an explanation of the provisions in the bill.
H.R. 4891 would make technical corrections to a number of recent tax laws, including the “Protecting Americans from Tax Hikes Act of 2015” (the PATH Act) and the Consolidated Appropriations Act, 2016. Among the technical corrections in the bill are provisions that would clarify:
Although the bill includes a couple of clerical changes to the new partnership audit rules, it does not include other technical corrections to the partnership audit rules. Likewise, the statutory language of the bill does not clarify the scope of the “FIRPTA” foreign pension fund exemption in the PATH Act.
It is not clear whether Congress might act on technical corrections legislation this year. If Congress does act, it might modify or add to the provisions that currently are in H.R. 4891.
Could future tax bills be a vehicle for technical corrections? Read TaxNewsFlash-Legislative Updates
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