Legislative update: Ways and Means marks up miscellaneous tax bills

Ways and Means marks up miscellaneous tax bills

The House Ways and Means Committee today approved and reported out four miscellaneous tax bills reflecting priorities of individual members of the committee.

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The Joint Committee on Taxation (JCT) released descriptions of the bills.  For some of the bills, the Ways and Means Committee approved amendments in the nature of substitutes; these amendments are described in the JCT documents for those bills.

The bills are:

H.R. 5879—a bill that would amend the Code to modify the credit for production from advanced nuclear power facilities and address the effective operation of the nuclear production tax credit

H.R. 5406, “Helping Ensure Accountability, Leadership, and Trust in Tribal Healthcare Act”—a bill that would address the tax treatment of the Indian Health Service student loan repayment program

H.R. 5204, “Stop Taxing Death and Disability Act”—a bill that would address the tax treatment of student loans that are forgiven due to death or disability

H.R. 4220, “Water and Agriculture Tax Reform Act of 2015”—a bill that would address the tax qualification of mutual irrigation and ditch companies organized to help promote access to water

 

The approximately $174 million, 10-year overall revenue cost associated with the bills was not offset.  

What’s next?

This week, the full House has begun consideration of four miscellaneous bills that the Ways and Means Committee approved last week. It is possible that House action will be scheduled on the bills approved today as well. The Senate has not yet considered all of the bills. Further, it is not clear whether Congress will send any tax legislation to the president between now and the end of the year.

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