On Monday, May 12, House Ways and Means Committee (“Committee”) Chairman Jason Smith (R-MO) released text of the Committee’s tax title for the FY 2025 budget reconciliation bill—the amendment in the nature of a substitute (AINS). Following the release of the text, the Committee released a section-by-section summary of the bill and the Joint Committee on Taxation (JCT) released a description of the bill’s tax provisions and accompanying revenue tables. The AINS includes the Tax Cuts and Jobs Act’s (TCJA, Pub. L. 115-97) expiring provisions that were initially unveiled on Friday evening. All links to bill text, summaries and revenue tables are included below.
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