Legislative update: Ways and Means approves tax-related bills comprising “American Families and Jobs Act”
The bills may now be considered by the full House of Representatives.
The bills may now be considered by the full House of Representatives.
The Ways and Means Committee of the U.S. House of Representatives today reported out (approved) three tax-related bills—the “American Families and Jobs Act.” The votes were along party lines.
The bills were released last week by House Ways and Means Committee Chairman Jason Smith (R-MO). Read TaxNewsFlash
HR 3936 [PDF 168 KB], the “Tax Cuts for Working Families Act” (approved by a vote of 24-16)
- Read the amendment in the nature of the substitute [PDF 39 KB]
- Read the JCT description of the amendment in the nature of the substitute: JCX-30-23 [PDF 88 KB]
HR 3937 [PDF 253 KB], the “Small Business Jobs Act” (approved by a vote of 24-18)
- Read the amendment in the nature of the substitute [PDF 122 KB]
- Read the JCT description of the amendment in the nature of the substitute: JCX-31-23 [PDF 88 KB]
HR 3938, the “Build It in America Act” (approved by a vote of 24-18)
- Read the JCT description of the amendment in the nature of the substitute: JCX-32-23 [PDF 90 KB]
- Read the JCT analysis of the macroeconomic effects: JCX-34-23 [PDF 269 KB]
- Read the Ways and Means Committee Report [PDF 1.2 MB]
In his opening statement to the markup, Ways and Means Committee Chairman Jason Smith said:
This jobs package today puts workers and small businesses first. It puts a stop to Democrats’ runaway ‘green’ corporate welfare by repealing the worst of the special interest breaks.
A release from House Ways and Means Committee Ranking Member Richard Neal (D-MA) indicated Democratic opposition to most of the business provisions of these bills.
What’s next?
The bills may now be considered by the full House of Representatives. To become law, the bills would then need to be approved by the Democratically controlled Senate and signed into law by President Biden.
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