US House Ways and Means Committee Chairman Kevin Brady (R-TX) released a 297-page tax bill late on November 26 that includes a limited number of technical corrections to the 2017 tax reform act and more than 30 ‘tax extender’ provisions dealing with expired or expiring tax provisions. The package also includes tax provisions related to disaster relief, retirement issues, ‘innovation’ incentives for start-up businesses, and IRS reforms.
With Congress meeting for a brief post-election ‘lame-duck’ session, Chairman Brady’s year-end tax package is bypassing the Ways and Means Committee and will be considered as early as Thursday, November 29, by the full House of Representatives. The House Rules Committee is scheduled to meet November 28 to provide a rule governing House floor debate on the legislation.
The outlook is unclear for Senate action on a House-approved tax package in the remaining days of the current Congress. While the House is expected to pass the Brady tax package largely along party lines, the legislation will require significant bipartisan support in the Senate, where 60 votes generally are required to approve legislation.
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