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TAX TAKE: Congress Returns: What's Next for the Tax Bill?

Tax Alert

Congress returns this week, hopefully, with a renewed focus on a path to enactment of H.R. 7024, the Tax Relief for American Families and Workers Act of 2024. The bill passed the House with an overwhelming bipartisan vote of 357 to 70 on January 31, 2024, but has languished in the Senate, where some key Republicans, including ranking member of the Senate Finance Committee, Mike Crapo (R-ID), have raised both procedural and substantive concerns with the bill. 

Legislation to fund the federal government for fiscal year (FY) 2024, H.R. 2882, the Further Consolidated Appropriations Act, 2024, may have been the ideal legislative vehicle to carry the tax bill, but the funding package passed on its own in late March. Congress returns needing not only to find agreement on the tax bill, but also a suitable legislative vehicle for it. 

That itself is a tall order. A crowded legislative agenda leading up to November elections that includes domestic surveillance legislation, foreign aid, judicial confirmations, and FY 2025 appropriations may take precedence. We expect to hear a growing chorus calling for the bill to be enacted by Tax Day (April 15), although that's more of a soft deadline, particularly since Internal Revenue Service (IRS) Commissioner Danny Werfel recently confirmed that amended returns won't be necessary for affected taxpayers to receive any additional benefits conferred by an expanded child tax credit (CTC) should it be enacted after tax filing season closes.  

In light of this, the May 10 deadline for the Federal Aviation Administration (FAA) reauthorization bill may be a more realistic one. It could be the last potential legislative vehicle for this Congress, especially when one takes into account the long list of other legislative priorities coupled with the fact that the Senate is only in session another 15 weeks between now and November elections. #TaxTake

Upcoming Speaking Engagements and Events

Loren will speak on the panel "Transfer Pricing in a Post Pillar Two World" at the 24th Annual U.S. and Europe Tax Practice Trends conference on April 11, and on May 16, she will speak at the Tax Council Policy Institute's 25th Annual Tax Policy Practice Symposium, "The Gathering Storm: 2025 and the Coming Tax and Fiscal Showdown."

Marc will moderate the session "Beyond SECURE 2.0: Retirement Policy Update From the Hill" at The ERISA Industry Committee 2024 Spring Policy Conference on April 18, and on May 30, he will moderate the panel "Tax Legislative Outlook" at the FBA 2024 Insurance Tax Seminar.

In the News

Loren was named to the Board of Directors of the Tax Foundation. The Tax Foundation is a nonpartisan tax policy nonprofit with a mission "to improve lives through tax policies that lead to greater economic growth and opportunity."  Congratulations, Loren!

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