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Today In Washington

November 1, 2017

Source: AEO Government Relations Team, Madison Services Group


Hold, Please: Tax Reform

Last night, House Ways & Means Committee Chair Kevin Brady (R-TX) announced that tax reform legislation will be introduced on Thursday. Scheduled to be released today, the announcement came after a day of intense negotiations with members of the Committee. The delay revolves around which deductions and provisions will be repealed to lower the cost of the plan, estimated at $5.5 trillion over 10 years. GOP members from high-tax states like New York and New Jersey are opposed to a repeal of the state and local tax (SALT) deduction. A proposal to lower caps on 401(k) contributions is also a point of contention, as is a potential phase-in of the 20% corporate tax rate. The FY 2018 Budget Resolution mandates that tax reform cannot add more than $1.5 trillion to the deficit over 10 years. Ways & Means members will negotiate through the day, and possibly into the evening, to meet Thursday’s deadline.  

Legislation

H.R. 4175, a bill “To Amend the Internal Revenue Code of 1986 to Allow a Credit Against Income Tax for Equity Investments in Small Business Concerns,” introduced by Representative Jason Smith (R-MO). Text for this bill is not yet available.  

S. 2034, a bill “To Strengthen Resources for Entrepreneurs by Improving the SCORE Program,” introduced by Senator Jim Risch (R-ID). Text for this bill is not yet available.

Hearings

Today @ 10 a.m.: House Financial Services Subcommittee on Oversight & Investigations - “Examining the Community Development Block Grant-Disaster Recovery Program.” 2128 Rayburn House Office Building.

Tomorrow @ 10 a.m.: House Small Business Committee - “Operating or Rulemaking? A Review of SBA’s Opaque Standard Operating Procedures Process.” 2360 Rayburn House Office Building.

Friday, November 3 @ 9:15 a.m.: House Financial Services Subcommittee on Capital Markets, Securities, & Investment. “Legislative Proposals to Improve Small Businesses’ and Communities’ Access to Capital.” 2128 Rayburn House Office Building.


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