IPA Tax Reform Update – November 14, 2017

WHAT IS HAPPENING IN WASHINGTON

On November 9, the House Ways & Means Committee passed the Tax Cuts and Jobs Act, following four days of committee mark-up sessions. This week, the Senate Finance Committee continues to mark-up their tax reform bill.

In recognition of this important work on tax reform, the IPA recently sent two letters to Committee leadership:


The IPA believes the current proposals represent a comprehensive effort to improve our tax code in a manner that relieves the burden on the middle class and reduce taxes for corporations and small businesses, while maintaining a forward-thinking view on the critical, job-creating role that the real estate industry plays in our economy.
As the legislative process continues, the following websites offer important updates and real-time information:

IPA ADVOCACY ON BEHALF OF ITS MEMBERS

As tax reform legislation moves through Congress, the IPA remains committed to our tax reform priorities.  We remain in close coordination with our coalition partners and will continue to update our action plan, as necessary, during each step in the process.


Current legislative timeline (subject to change): 


Week of November 13
U.S. House consideration of their tax proposal; and Senate Finance Committee considers their version of tax reform (i.e., markup)
Week of November 27
U.S. Senate likely to consider the Senate version of tax reform

BACKGROUND ON TAX REFORM

Congress began working on comprehensive tax reform following the release by President Trump and Republican leadership on September 27, 2017 of the “Unified Framework for Fixing Our Broken Tax Code”.  This document outlines the overarching principles and significant proposed revisions to the current U.S. tax code, and serves as the framework for Congressional leadership in drafting comprehensive tax reform legislation.