Legislative update: House passes IRS defunding bill
The “Family and Small Business Taxpayer Protection Act”
The “Family and Small Business Taxpayer Protection Act”
The U.S. House of Representatives yesterday passed H.R. 23 (the “Family and Small Business Taxpayer Protection Act”), by a party-line vote of 221 to 210. The bill would rescind $71.6 billion of the $79.6 billion in additional funds appropriated for activities of the IRS under H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA). The funds that would be rescinded include all additional funds appropriated for enforcement activities. The Congressional Budget Office has estimated that the recission would increase the deficit by $114 billion.
Read the text [PDF 32 KB] of the bill
In order for the bill to become law, the bill would have to be approved by the Democratically controlled Senate and be signed by President Biden.
Following passage of the bill by the House, Senate Finance Committee Chairman Ron Wyden (D-OR) released a statement indicating strong opposition to the proposed measure and expressing his view that the bill would be “going nowhere in the Senate.”
Read a CBO estimate [PDF 147 KB] of the budget effects of the bill
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