Senate Finance Committee Announces Tax Reform Working Groups

By admin • 26 January 2015 • Uncategorized

January 16, 2015

Senate Finance Committee Chairman Orrin Hatch (R-ID) and Ranking Minority Member Ron Wyden (D-OR) announce they are establishing five tax reform working groups to study options for a tax reform bill.

 The five groups, each headed by a committee Republican and Democrat, are individual income tax, business income tax, international taxation, savings and investment, and infrastructure and community development.

 We expect WOTC will be considered by the Infrastructure and Community Development Working Group, which will be co-chaired by Senator Dean Heller (R-NV) and Senator Michael Bennet (D-CO).  They will be key people judging the merits of retaining WOTC in tax reform.

 The Business Income Tax Working Group will be co-chaired by Senators John Thune (R-SD) and Ben Cardin (D-MD).

 Nobody expects tax reform to pass in 2015—the goal of the tax writers is 2016, but it’s doubtful tax reform can pass in an election year.  Still, the tax-writing committees will start making judgments by June or July  about whether to keep WOTC in tax reform or drop it, so it’s vital they hear from us starting right after the President’s State of the Union address Tuesday night.

 We expect the President’s budget for FY 2016 will renew his request that WOTC be made permanent.  We’re in touch with Office of Management and Budget on the funding request for WOTC state administration and expect the Department of Labor will get a boost in funds.  The President’s budget will be released around February 6th

SHARE Tweet about this on TwitterShare on FacebookShare on Google+Email this to someone

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


 Please add me to the TaxBreak mailing list

Contact a TaxBreak consultant today for a free tax credit analysis
Get Started Now! 1.800.992.0163

Live Chat