On The Hill

Tax Update (January 21)

Jan 22, 2019 | SHARE  
Ways and Means Releases Subcommittee Members

 

Health Subcommittee

Chair: Rep. Lloyd Doggett (D-TX)

Rep. Mike Thompson (D-CA)

Rep. Earl Blumenauer (D-OR)

Rep. Ron Kind (D-WI)

Rep. Brian Higgins (D-NY)

Rep. Terri Sewell (D-AL)

Rep. Judy Chu (D-CA)

Rep. Dwight Evans (D-PA)

Rep. Brad Schneider (D-IL)

Rep. Jimmy Gomez (D-CA)

Rep. Steven Horsford (D-NV)

Ranking Member: Rep. Devin Nunes (R-CA)

Rep. Vern Buchanan (R-FL

Rep. Adrian Smith (R-NE)

Rep. Kenny Marchant (R-TX)

Rep. Tom Reed (R-NY)

Rep. Mike Kelly (R-PA)

Rep. George Holding (R-NC)

 

 

Oversight Subcommittee

Chair: Rep. John Lewis (D-GA)

Rep. Linda Sanchez (D-CA)

Rep. Suzan DelBene (D-WA)

Rep. Judy Chu (D-CA)

Rep. Gwen Moore (D-WI)

Rep. Brendan Boyle (D-PA)

Rep. Tom Suozzi (D-NY)

Ranking Member: Mike Kelly (R-PA)

Rep. Jackie Walorski (R-IN)

Rep. Darrin LaHood (R-IL)

Rep. Brad Wenstrup (R-OH)

 

 

Social Security Subcommittee

Chair: Rep. John Larson (D-CT)

Rep. Bill Pascrell (D-NJ)

Rep. Linda Sanchez (D-CA)

Rep. Brian Higgins (D-NY)

Rep. Dan Kildee (D-MI)

Rep. Brendan Boyle (D-PA)

Rep. Brad Schneider (D-IL)

Ranking Member: Rep. Tom Reed (R-NY)

Rep. Jodey Arrington (R-TX)

Rep. Drew Ferguson (R-GA)

Rep. Ron Estes (R-KS)

 

 

Select Revenue Measures Subcommittee (previously Tax Policy Subcommittee)

Chair: Rep. Mike Thompson (D-CA)

Rep. Lloyd Doggett (D-TX)

Rep. John Larson (D-CT)

Rep. Linda Sanchez (D-CA)

Rep. Suzan DelBene (D-WA)

Rep. Gwen Moore (D-WI)

Rep. Brendan Boyle (D-PA)

Rep. Don Beyer (D-VA)

Rep. Tom Suozzi (D-NY)

Ranking Member: Adrian Smith (R-NE)

Rep. Tom Rice (R-SC)

Rep. David Schweikert (R-AZ)

Rep. Darrin LaHood (R-IL)

Rep. Jodey Arrington (R-TX)

Rep. Drew Ferguson (R-GA)

 

 

Trade Subcommittee

Chair: Rep. Earl Blumenauer (D-OR)

Rep. Bill Pascrell (D-NJ)

Rep. Ron Kind (D-WI)

Rep. Danny Davis (D-IL)

Rep. Brian Higgins (D-NY)

Rep. Terri Sewell (D-AL)

Rep. Suzan DelBene (D-WA)

Rep. Don Beyer (D-VA)

Rep. Dan Kildee (D-MI)

Rep. Jimmy Panetta (D-CA)

Rep. Stephanie Murphy (D-FL)

Ranking Member: Rep. Vern Buchanan (R-FL)

Rep. Devin Nunes (R-CA)

Rep. George Holding (R-NC)

Rep. Tom Rice (R-SC)

Rep. Kenny Marchant (R-TX)

Rep. Jason Smith (R-MO)

Rep. David Schweikert (R-AZ)

 

 

Worker and Family Support Subcommittee (previously Human Resources Subcommittee)

Chair: Rep. Danny Davis (D-IL)

Rep. Judy Chu (D-CA)

Rep. Terri Sewell (D-AL)

Rep. Gwen Moore (D-WI)

Rep. Dwight Evans (D-PA)

Rep. Stephanie Murphy (D-FL)

Rep. Jimmy Gomez (D-CA)

Ranking Member: Rep. Jackie Walorski (R-IN)

Rep. Brad Wenstrup (R-OH)

Rep. Ron Estes (R-KS)

Rep. Darrin LaHood (R-IL)

 

 

In addition to serving on the Ways & Means Committee, Reps. Doggett (D-TX), Panetta (D-CA), Horsford (D-NV), and Smith (R-MO) will also serve on the House Budget Committee.

 

 

Mixed Signals on Tax Extenders

Senate Finance Committee Chair Chuck Grassley (R-IA) told reporters this week that he would be open to retroactively renewing expired tax credits that were included in legislation passed by the House of Representatives for a one-year period. Grassley said he favors making permanent the short-line regional railroad track maintenance credit as well as tax incentives for biodiesel and renewable diesel fuel. Other tax extenders that expired at the end of 2017, including items such as the deduction for tuition and expenses, Indian employment credits, and empowerment zone tax incentives, would likely see only a one-year extension — through 2018. But then, later in the week, Grassley (R-IA) said it is too late to renew 26 extenders in time for the filing season.

 

It’s likely that Grassley’s comment on it being “too late” was to gain leverage. Senate Democrats had been saying Grassley was so wedded to the biodiesel phase down that he’d be willing to compromise on anything and the “too late” talk is likely an effort to counter that narrative, especially given that there is still plenty of time before filing season ends.

 

Opportunity Zones

The American Bar Association Tax Committee has urged the IRS to explicitly provide in proposed opportunity zone regulations (REG-115420-18) that a qualified opportunity zone business can own residential rental housing and asserted that a restrictive interpretation of the substantial improvement requirement will effectively lock out many businesses.

 

Small Business Deduction Regulations

The IRS has issued final regulations providing taxpayers with computational, definitional, and anti-avoidance guidance on the deduction for qualified business income (QBI) under section 199A.

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