On Monday, May 6, the Joint Committee on Taxation (“JCT”) published a report on the work of the 11 House Ways and Means Committee Working Groups on tax reform. This alert provides background on the report and possible next steps for tax reform.

Background -

In February, House Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) announced the formation of 11 bipartisan Working Groups dedicated to tackling different substantive areas of the Tax Code. As part of this effort, stakeholders were asked to provide input by identifying key tax reform priorities and submitting comments on tax reform proposals. Individuals and various industry and interest groups submitted over a thousand comments to the Working Groups.