U.S. House Ways and Means Committee Chairman Brady (R-TX) today released a “retooled” version of a tax package that the House proposes to add to H.R. 88 (an unrelated bill) as an amendment.
The 253-page amendment [PDF 568 KB] includes:
Chairman Brady on November 26 released an earlier version of the tax package. Read TaxNewsFlash
Subsequently, a “Manager’s Amendment” [PDF 238 KB] to H.R. 88 was released, that included a proposal to repeal section 512(a)(7)—a provision added by the 2017 law that increases unrelated business taxable income of exempt organizations by amounts paid or incurred to provide certain transportation fringe benefits to nonprofit employees. Read TaxNewsFlash
Read the Joint Committee on Taxation (JCT) table with estimates of the budget effects of the revenue provisions included in prior versions of the package.
Today’s release includes items not included in the prior version of the tax package:
It is not clear whether the House will take up H.R. 88 before the current Congress adjourns later this month or, if it does, what the Senate’s official response (if any) might be. Regardless of whether the House passes H.R. 88 or not, it is possible that some provisions in the bill might be included in other legislation on which the House and Senate might agree (such as a government funding bill) prior to adjournment. However, it is also possible that this will not be the case, and that no further tax legislation will be enacted by the current Congress.
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