House Ways and Means Committee Chairman Richard E. Neal (D-MA) this evening announced the committee will mark up nine proposals (subtitles) relating to coronavirus (COVID-19) relief beginning February 10, 2021, at 10:00 a.m. and running through Friday, February 12, 2021.
The proposals relate to a variety of matters within the committee’s jurisdiction, including tax.
According to the Joint Committee on Taxation (JCT), the tax provisions lose approximately $593 billion over 10 years.
Subtitle G (recommendations relating to promoting economic security) includes repealing the election for U.S. affiliated groups to allocate interest expense on a worldwide basis (scored as raising approximately $22 billion over 10 years). A few qualified plan provisions in subtitle H (including provisions relating to relief for multi-employer and single-employer pension plans) also are scored as raising revenue.
Subtitles F and G include several tax provisions that are scored as losing revenue, including:
The mark-up is being conducted pursuant to a budget resolution that instructs congressional committees to craft their portions of a $1.9 trillion package based on President Biden’s “American Rescue Plan” to the House Budget Committee by February 16, 2021. House action on its rescue package is expected as soon as next week.
Senate committees also have been instructed to report their portions of “rescue” legislation to the Senate Budget Committee by February 16, 2021. The Senate Finance Committee has not yet announced a date for a mark-up of matters within its jurisdiction.
Read Chairman Neal’s press release announcing the mark-up, which includes links to section-by-section descriptions and statutory language for each of the nine subtitles.
Read JCT’s estimate of the revenue provisions in the bill: JCX-5-21
Read JCT’s description of subtitles of the bill:
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