DC Tax Flash: JCT Describes and Scores House Revenue Provisions Headed for Markup Tomorrow
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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