DC Tax Flash: Mammoth Year-End Spending and Tax Package Clears House, JCT Scores
The House today approved a massive year-end bill that includes a wide array of virus relief provisions, annual appropriations for FY 2021, a set of tax extenders, and numerous other disparate policy changes.
The bill passed using an unusual two-step/two-vote process necessitated by the speed by which it was assembled and brought to the floor. Senate consideration has started and is scheduled for just two hours of debate, at most. The bill is expected to easily clear the 60-vote minimum that Senators agreed to set for passage.
The Joint Committee on Taxation (JCT) today issued an estimate for the bill's tax and revenue policy changes. Taken altogether, the bill's tax policy changes would reduce revenue by $328 billion over 10 years, according to the JCT report.
A Ways and Means Committee summary of the bill's health, pension, individual, and corporate tax policy changes is posted here.
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