Marc Gerson Quoted Regarding Upcoming Tax Legislation for Remainder of 2015 in Law360

"Tax Legislation To Watch In The End Of 2015"
Law360
09.04.15

Marc Gerson was quoted regarding upcoming tax legislation pending for the remainder of 2015. Ways and Means Committee Chairman Paul Ryan, R-Wis., is looking to release an international tax reform plan, which addresses a proposal to allow U.S. companies to repatriate overseas profits in connection with a reauthorized Highway Trust Fund. According to Gerson, the broad outlines of what would likely be included in Ryan's international tax reform plan are already known: a move to a territorial system of taxation, a repatriation mechanism, an innovation box and other provisions put forth by previous Ways and Means Chairman Dave Camp, R-Mich., in his tax reform draft. Until the particulars have been worked out and a plan is released, however, it is not known if businesses and other stakeholders would get behind it, Gerson said, adding that it is also unclear if members of Congress would support a bill that did not have tax changes benefiting individuals going into an election year. "It comes down to whether the committee produces a package for everyone to take a look at," he said.

As in previous years, Congress once again faces the question of how to address the package of more than 50 targeted tax benefits for businesses and individuals known as tax extenders before the end of the year. While more overtures may be made this fall on enacting permanent tax extenders policy, the cycle of the short-term extensions of the package is unlikely to be broken this year, as there is general agreement that the extenders need to be handled in the context of comprehensive tax reform, Gerson said. "The extenders, as all other tax legislation, has kind of been a victim of these tax reform discussions," he said. "While there is this discussion of tax reform, that pushes off consideration of more moderate tax packages, including extenders."

Related Files
Related Links