The Joint Committee on Taxation (JCT) today released an overview of federal tax provisions that expired in 2017 or 2018, or that will expire by December 31, 2019, and certain temporary provisions related to disaster relief.
The JCT report—JCX-22-19—describes the expired and expiring provisions in light of the enactment of the 2017 U.S. tax law, commonly referred to as the “Tax Cuts and Jobs Act” (Pub. L. No. 115-97). JCT reported that all the provisions discussed in the report that expired in 2017 were scheduled to expire in 2016 and were extended through 2017 by the enactment in February 2018 of the Bipartisan Budget Act of 2018.
U.S. Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking member Ron Wyden (D-OR) today announced the formation of several bipartisan taskforces to examine temporary tax provisions that expired, or will expire, between December 31, 2017 and December 31, 2019—a total of 42 provisions.
The taskforces, as noted in a Finance Committee release, will examine tax policies within the following issue areas:
A separate taskforce will examine whether there is a core package of tax relief provisions that should be available when there are natural disasters.
In February 2019, Chairman Grassley and ranking member Wyden introduced bipartisan legislation that would retroactively extend 26 tax provisions that expired at the end of 2017 through the balance of 2019. Read TaxNewsFlash
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