Partial text of the tax provisions for the budget reconciliation legislation now pending in the House
The House Ways and Means Committee this evening released the initial Chairman鈥檚 Mark containing of the tax provisions for the budget reconciliation legislation now pending in the House that includes only provisions that would extend most of the tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA).
The legislation makes many of the 2025 expiring TCJA items permanent, in addition to limited changes to certain provisions. For example, the deduction for qualified business income (Section 199A) is increased from 20% to 22%. The estate tax exemption base amount would be increased from $5,000,000 to $15,000,000.
A number of expiring items are not addressed in this mark, including an extension of R&D expensing, 100% bonus depreciation, the more favorable interest deductibility rules, or the SALT cap.聽
Read a from House Ways and Means Committee Chairman Jason Smith (R-MO).
Read a from House Ways and Means Committee Ranking Member Richard Neal (D-MA).
JCT description
The Joint Committee on Taxation (JCT) this evening released a description of the budget reconciliation legislative recommendations related to tax: .
Next steps
The Ways and Means Committee announced that it will release an amended Chairman鈥檚 Mark containing聽the text of the remaining tax provisions to be included in the budget reconciliation legislation on Monday, May 12, ahead of the Committee markup scheduled for Tuesday, May 13, at 2:00 PM ET.聽聽
The remaining tax provisions are expected to include some of President Trump鈥檚 tax-related campaign proposals, as well as a number of tax increase provisions.
乐鱼（Leyu）体育官网 will provide text of the remaining tax provisions to be included in the Chairman鈥檚 Mark as soon as they are released and provide preliminary analysis and observations on the Chairman鈥檚 Mark soon thereafter.