close
Share with your friends

Legislative update: JCT “Bluebook” on tax legislation in 115th Congress

JCT “Bluebook” on tax legislation in 115th Congress

The staff of the Joint Committee on Taxation (JCT) released a report—the “Bluebook”—explaining tax legislation enacted by the 115th Congress (except for Pub. L. No. 115-97, the tax law that is often referred to as the “Tax Cuts and Jobs Act” or TCJA).

1000

Related content

Read the JCT report: General Explanation of Certain Tax Legislation Enacted in the 115th Congress: JCS-2-19

Previously, the JCT released a Bluebook describing the TCJA provisions. Read TaxNewsFlash

Accordingly, the new Bluebook describes all tax legislation enacted in the 115th Congress, except for the TCJA.

The JCT release explains that unlike a committee report or a conference report (typically published at the time legislation is reported out of committee or conference) a Bluebook is not contemporaneous legislative history, but is intended to provide information about a tax legislative change and the related tax law that was in effect before the legislative change.  Some Bluebooks (but not this one) include sections entitled “Reasons for Change,” but the Bluebooks are not intended to reflect the JCT’s independent assessment of the rationale for tax legislation, or to answer all questions that have been asked about particular provisions, or to reflect the JCT understanding of the manner in which particular provisions are to be administered.  Instead, the Bluebooks reflect the JCT’s best understanding—developed in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance—of the intent of members of Congress in enacting legislation.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained 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

 

Want to do business with KPMG?

 

loading image Request for proposal