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New Tax Reconciliation Bill in the Making
Budget Reconciliation Act Proposal
To address the expiration of certain Tax Cuts and Jobs Act of 2017 (“TCJA”) provisions, the House Ways and Means Committee recently released the Chairman’s Mark-Up of the Budget Reconciliation Act (the “Proposal”), which was modified prior to passage by the House. Under the budget reconciliation rules, only a simple majority in the Senate and House is required to pass the bill. The Proposal is now under review by the Senate, which is expected to make more revisions – with new details regarding various provisions and proposals likely to emerge soon.
Our partner and tax practice chair Phil Jelsma along with associate Ulrick Matsunaga recently discussed the details of the house approved tax and spending plan in an article published in The Los Angeles Daily Journal and The Daily Transcript.
The full article can be read here (subscriber only).