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
© 2019 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.KPMG International Cooperative (“KPMG International”) is a Swiss entity.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. 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 KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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.