Senate Finance Committee Markup of Tax Reform Bill Scheduled

The Senate Finance Committee (SFC) announced on November 10 that it will begin to mark up its tax reform proposal on November 13 at 3:00 p.m. Senate Republicans released a Chairman’s Mark on November 9, which differs significantly from the House’s Tax Cuts and Jobs Bill (HR 1).

House Schedule

The House’s tax bill cleared the Ways and Means Committee on November 9. The House Rules Committee announced on November 10 that it will take up HR 1 on November 15. Changes to the bill are expected to be made before it reaches the House floor. A full House vote on the measure is expected later during the week of November 13.

SFC Tax Reform Bill Markup Scheduled

After Senate Republicans released their proposal, House Speaker Paul Ryan, R-Wis., said that he looks forward to the Senate advancing its plan so that the chambers can “reconcile” the two bills and “get tax cuts enacted.” If the differing tax reform plans are both approved, they are expected to head to conference to reconcile the differences.

Wyden Reaction

SFC ranking member Ron Wyden, D-Ore., was immediately outspoken against the Senate Republicans’ proposal. “Senate Republicans released tax bill rewriting American economy; four days until (SFC) markup and not a single hearing,” Wyden tweeted. “This legislative malpractice is wrong,” he added.

However, SFC Chairman Orrin G. Hatch, R-Utah, has consistently said that he wants the process to be bipartisan. “Let me make it clear for anyone listening: as chairman of the Senate’s taxwriting committee, I haven’t turned anyone away from the process,” Hatch said on the Senate floor the day the Chairman’s Mark was released. He added, “I haven’t refused to listen to anyone’s ideas or suggestions.”

Numerous amendments and possible changes to the Senate GOP’s proposal are expected during committee markup. Additionally, there is reportedly still talk of repealing the Patient Protection and Affordable Care Act’s (ACA) (P.L. 111-148) individual mandate as a potential “pay-for” for tax cuts. The SFC markup is expected to run through the week.

By Jessica Jeane, Wolters Kluwer News Staff

Need to know more? Join Wolters Kluwer Principal Analyst Mark Luscombe Nov. 29 for Tax Legislation Update: Tax Cuts and Jobs Act, a 2 CPE webinar from CCH® CPElink. Mark will discuss what you need to know about the proposed legislation and now it will impact businesses and individuals.

JCT Description of the Chairman’s Mark of the Tax Cuts and Jobs Act, JCX-51-17

JCT Estimated Revenue Effects of the Chairman’s Mark of the Tax Cuts and Jobs Act, JCX-52-17

SFC Policy Highlights of the Tax Cuts and Jobs Act
Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.

Not a subscriber? Sign up for a free trial or contact us for a representative.



All stories by: CCHTaxGroup