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Senate Finance Committee chairman releases discussion draft on reforming taxation of passthrough entities

The Passthrough Reform Discussion Draft would make a number of changes to Subchapter K and related provisions of the Code.

Senate Finance Committee chairman releases discussion draft

Senate Finance Committee Chairman Ron Wyden (D-OR) this morning released a discussion draft of legislation intended to reform the taxation of passthrough entities.

The Passthrough Reform Discussion Draft would make a number of changes to Subchapter K and related provisions of the Code. Wyden’s summary of the legislation notes that “the provisions of the discussion draft remove optionality that is unnecessary for business ends and close certain tax loopholes that allow investors and corporations to pick and choose when to pay tax.”

Documents

What’s next?

At this time, this legislation is not scheduled for legislative action, although it, or at least certain components of the proposals, could be the subject of discussions as tax legislation moves through the House and Senate this fall. KPMG LLP will provide further analysis of these proposals.

 

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