Senate finance chairman mark for tax reform | KPMG | GLOBAL

U.S. Senate tax reform bill—Initial observations on Chairman Hatch's mark

Senate Finance Chairman's mark for tax reform bill

U.S. Senate Finance Committee Chairman Orrin Hatch (R-UT) on November 9, 2017, released a “Chairman’s mark” of his proposed tax reform legislation.

1000

Related content

The mark is a detailed description of the proposed legislation prepared by the Joint Committee on Taxation (JCT), but does not include legislative text. By tradition, the Senate Finance Committee does “conceptual markups” from detailed summary documents and not from legislative text; this differs from the Ways and Means Committee markup process that took place last week in the House. To the extent the Senate keeps with this tradition, legislative text would not expected to become publicly available until the Senate Finance Committee markup process is complete.

The Chairman’s mark serves as the starting point for consideration of the legislation by the Finance Committee. Markup—formal consideration of the mark by the Finance Committee—is scheduled to begin on Monday, November 13, and to continue throughout the week as necessary. It is possible that Chairman Hatch will unveil modifications to his proposal prior to or during next week’s markup. In addition, it is expected that a number of amendments will be offered by members of the committee and it is possible that some may be adopted during the markup process next week.

 

Read a November 2017 report [PDF 1.1 MB] of preliminary analysis and observations regarding the Chairman’s mark prepared by KPMG LLP

 

KPMG will continue to provide preliminary analysis and observations regarding future amendments the Chairman may make to his mark. KPMG will do the same with regard to amendments made to the mark during mark up.

© 2017 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.

Connect with us

 

Request for proposal

 

Submit