The new congress and administration are eagerly working to advance their policy agendas, and comprehensive reform of the tax code is at the top of the list for Republicans. Despite having unified control of the executive and legislative branches and a general agreement on the need to reduce the corporate tax rate and make other reforms, Republicans have yet to coalesce around other specific provisions or a path forward in terms of process.

In June 2016, House Republicans unveiled their “blueprint” for tax reform, which would make significant changes in the tax code for business and individual taxpayers. Titled “A Better Way – Our Vision for a Confident America”, the plan has to date served as the framework for discussion about tax reform in the 115th Congress. The blueprint would keep the mortgage interest deduction and charitable deductions, but less clear is the fate of provisions that are not specifically addressed by the blueprint, such as publicly traded partnerships, tax-exempt municipal bonds, regulated investment trusts, like-kind exchanges, and real estate investment trusts.