The Joint Committee on Taxation (JCT) has issued a series of reports describing portions of the revenue provisions that the House Ways and Means Committee will consider as part of a broader virus relief reconciliation bill. The panel will begin a multi-day markup of the proposals tomorrow.

According to the JCT, the revenue provisions, taken together, would reduce federal revenue by $593 billion over 10 years. These proposals include:

• Extension and modification of the Employee Retention Credit
• Repeal of worldwide interest allocation rules (raising $22.3 billion)
• Extension and modification of credits for paid sick and family leave
• Relief for multiemployer pension plans
• Extended amortization for single employer plans
• Extension of pension funding stabilization percentages for single employer plans

The JCT issued the following descriptions for these and other tax-related provisions:

• Description of the Budget Reconciliation Legislative Recommendations Relating to Continuation of Job-Based Coverage
• Description of the Budget Reconciliation Legislative Recommendations Relating to Prompting Economic Security
• Description of the Budget Reconciliation Legislative Recommendations Relating to Pensions

The legislative texts and section-by-section summaries of the proposals set for consideration this week in the Ways and Means Committee are posted here.

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