Categories:Tax,United States

The state of comprehensive tax reform in Congress — a work in progress

Although the political world in Washington is focused almost entirely on the impending 1 October deadline for an agreement over spending for fiscal year 2014 and the mid-October deadline for the president’s requested increase in the authority for the US to borrow, the tax-writing committee chairs continue their efforts to move comprehensive tax reform legislation in the coming months. And, within the past few days, tax reform, at least in concept, has entered the larger fiscal debate.

Tax reform efforts on the House side appear, as they have for the past month or so, to be much further along than in the Senate. The House Ways and Means Committee staff are reportedly far along in drafting a comprehensive tax reform proposal, although there are areas of the tax code that are still open and in need of additional work.

The drafting effort has been facilitated by the fact that the staff over the past two years have drafted legislative language and vetted it with stakeholders in some key and very complex aspects of tax reform, most notably international. Staff sources indicate that, in some aspects of reform that have had less vetting or prior public review, such as the exempt organisations area, the language that may be drafted will be ‘soft’ and potentially open to substantial change as it is reviewed by the members of Congress and the public. Committee chairman Dave Camp (R-MI) has stated his intent to hold a lengthy committee mark-up process to consider amendments, possibly for as long as two to three weeks, in contrast with the more recent committee practice of providing a relative short period for the consideration of tax proposals…

If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from DLA Piper

View more briefings from DLA Piper

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

3 Noble Street
London
EC2V 7EE
UK
http://www.dlapiper.com

Turnover (£m): 1,566.29
No. of lawyers: 3,961 (UK 200)
Jurisdiction: global
No. of offices: more than 75
No. of qualified lawyers: 625 (International 50)

Jobs