Senate Finance Committee Chair Max Baucus, D-Mont., released three tax reform discussion drafts the week of Nov. 18. The proposals, which are billed as "staff discussion drafts," cover international tax, tax administration and cost recovery accounting.
The proposals were not overtly endorsed by Senate Finance Committee ranking member Orrin Hatch, R-Utah, but contain provisions that have been supported or introduced by Republican members in the past. The release also comes shortly before the Dec. 13 deadline for House and Senate Budget Committee members to issue their recommendations for addressing future debt and deficit issues.
That conference committee, co-chaired by Sen. Patty Murray, D-Wash., and Rep. Paul Ryan, R-Wis., is expected to address short-term issues, like modifying or replacing the across-the-board cuts imposed by the sequestration. Even then, it is unclear whether the budget conference will produce any tangible legislation, as it is not obligated to do so.
House Ways and Means Committee Chair Dave Camp, R-Mich., is also in the midst of determining when his chairman's mark should be released. That legislation, which has been closely watched by the tax community, is expected to be issued in December 2013 or January 2014.
For more on Baucus' international tax reform draft, see Tax Legislative Update 2013-07.
For more on Baucus' tax administration reform draft, see Tax Legislative Update 2013-08.
For more on Baucus' cost recovery accounting reform draft, see Tax Legislative Update 2013-09.
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