Senate Bill Anticipated Later This Week; House Begins Markup of Their Tax Reform Legislation
Posted on Nov 6, 2017 in News, State and Local Tax
The House Ways and Means Committee began marking up the GOP tax bill this afternoon, and the process is expected to continue until Thursday. The markup will start with opening statements and then amendments are expected to be introduced throughout the week by Chairman Kevin Brady. With the floor open to Democrats, discussions and amendments are anticipated to focus on the...
Even with Concession on Property Tax Deductions, Tax Bill Aimed for Wednesday Release Faces Early Opposition
Posted on Oct 30, 2017 in News, State and Local Tax
Kevin Brady, Chairman of the House Ways and Means Committee, announced that the House’s tax plan will allow individuals to deduct their state and local property taxes from their federal returns, “to help taxpayers with local tax burdens,” although not their state and local income or sales taxes. However, the National Association of Home Builders has already voiced its opposition to the...
State and Local Tax Deduction Presents a Potential Roadblock to Tax Reform
Posted on Oct 25, 2017 in News, State and Local Tax
Republican leaders are counting on a swift vote on the budget in order to meet their end-of-year deadline for passing tax reform. However, House Republicans from high-tax states like New York, California, Illinois, and New Jersey indicated that they might not vote to pass the budget on Thursday unless they receive a guarantee that tax reform will not eliminate the State and Local Tax...
Senate GOP Passes Amendment to Repeal State and Local Tax Deduction
Posted on Oct 20, 2017 in News, State and Local Tax
With a 52-47 vote, Senate Republicans passed an amendment to the budget resolution to repeal the state and local tax deduction, which allows federal filers to deduct taxes paid for their real estate, personal property, state income, and sales taxes. The measure is expected to raise $1.3 trillion over the next ten years. Opponents of the move are critical of the fact that only...
Trump Tempers Tax Reform Timing Expectations
Posted on Oct 17, 2017 in News, State and Local Tax
President Trump and Senate Majority Leader Mitch McConnell, at an October 16th White House news conference, acknowledged that the tax code rewrite may not occur by year’s end, though the goal remains to accomplish reform in 2017. With the release of a detailed tax plan still pending, Republicans are faced with disputes regarding how to tax corporations, the fate of the estate tax, and...
The ‘Big 6’ Are Making Progress on Tax Reform Framework
Posted on Aug 22, 2017 in News, State and Local Tax
The White House and Congressional Republicans have reached broad agreement on several potential offsets to fund tax cuts, according to sources familiar with the negotiations. Present options include capping the mortgage interest deduction, eliminating the state and local tax deduction, and eliminating the interest deduction for businesses. Additionally, there is consensus among the...