Legislative update: Ways and Means Committee approves Chairman’s Mark of tax title for “One Big Beautiful” bill
Includes provisions that would generally make tax provisions of TCJA permanent
The House Ways and Means Committee early this morning approved without change (by a vote of 26-19 along party lines) the Chairman’s Mark of the tax title for the “One Big Beautiful” bill introduced by Chairman Jason Smith (R-MO) earlier this week. The tax title includes provisions that would generally make the tax provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent, as well as introduce several new tax benefits proposed by the president during the campaign, along with a host of revenue-raising provisions. Read TaxNewsFlash
Next steps
Further changes to the tax title could occur as the bill is considered by the House Budget or Rules Committee, or even on the floor of the House during debate. In addition, the Senate could ultimately adopt tax provisions with significant differences as it considers its own version of the bill.