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.
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.
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