Ways and Means schedules mark-up of COVID-19 relief proposals

Ways and Means mark-up of COVID-19 relief proposals

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.

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The proposals relate to a variety of matters within the committee’s jurisdiction, including tax.  

Tax provisions

According to the Joint Committee on Taxation (JCT), the tax provisions lose approximately $593 billion over 10 years. 
 

Revenue raisers

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.
 

Revenue losers

Subtitles F and G include several tax provisions that are scored as losing revenue, including:

  • Extension and modification of employee retention credit
  • Extension and modification of credits for paid sick and family leave
  • Additional “recovery rebates” of $1,400 per person for some individuals
  • Significant expansion of child tax credit for 2021, with refundability and advanceability
  • Expansion of earned income tax credit
  • Expansion of child and dependent tax credit
  • Changes to premium tax credit

Timing and process

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.

Documents

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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