The Senate Finance Committee released five reports from its tax reform working groups this week that offer recommendations for international and business tax reform.
The working groups did not reach a consensus on specific tax legislation, but their reports do offer insight on the direction and timing of important tax issues, such as tax reform and the expired tax provisions. In addition, the report from the working group on business income offered extensive discussion on how Grant Thornton LLP's Business Equivalency Rate proposal is an option for lowering rates on pass-throughs.
Read Tax Legislative Update 2015-03 for more information on the working group reports and the outlook for both tax reform and the extension of expired provisions.
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