CCH Tax Day Report
The House Ways and Means Committee held a markup of tax legislation on September 21, continuing on from the markup held on September 14 (TAXDAY, 2016/09/15, C.1 ). The committee approved four tax measures, all of which now head to the House floor.
Nuclear Production Credit
HR 5879, which would modify the Nuclear Production Tax Credit for production from advanced nuclear power facilities, was approved by a 23-to-9 vote. The bipartisan bill, sponsored by Rep. Tom Rice, R-S.C., modifies the national megawatt capacity limitation for the credit, according to the Joint Committee on Taxation (JCT).
The Helping Ensure Accountability, Leadership, and Transparency in Tribal Healthcare (HEALTTH) Bill (HR 5406 ), was approved by voice vote. The bipartisan measure, sponsored by Rep. Kristi Noem, R-S.D., addresses the tax treatment of the Indian Health Service student loan repayment program. HR 5406 would modify the “gross income exclusion for amounts received under the National Health Service Corps loan repayment program or certain state loan repayment programs to include any amount received by an individual under the Indian Health Service loan repayment program,” the JCT noted in its report on the bill.
The Stop Taxing Death and Disability Bill (HR 5204 ), sponsored by Rep. Peter Roskam, R-Ill., was approved by voice vote. The bill would provide an exclusion from income for qualified student loan discharges for students who have died or become permanently disabled. This treatment would apply to discharges of indebtedness after December 31, 2016.
The Water and Agriculture Tax Reform Bill of 2015 (HR 4220 ), sponsored by Rep. Ken Buck, R-Colo., addresses the tax qualification of mutual irrigation and ditch companies organized to help promote access to water. According to the JCT, the measure would require that certain income held by a mutual ditch or irrigation company not be taken into account for purposes of applying the “85-percent-of-member-income test.”
By Jessica Jeane, Wolters Kluwer News Staff
Ways and Means Press Release: Chairman Brady Opening Statement at a Full Committee Markup of Tax Legislation