Today, Senator Orrin Hatch, chairman of the Senate Finance Committee, announced the formation of five bipartisan Finance Committee Tax Working Groups to analyze current tax law and reform options within each group’s designated focus area. Each working group will be co-chaired by Republican and Democrat committee members. The working groups and co-chairs are:
Individual Income Tax
Co-Chairs: Sen. Chuck Grassley (R-IA), Sen. Mike Enzi (R-WY) and Sen. Debbie Stabenow (D-MI)
Business Income Tax
Co-Chairs: Sen. John Thune (R-SD), Sen. Ben Cardin (D-MD)
Savings and Investment
Co-Chairs: Sen. Mike Crapo (R-ID), Sen. Sherrod Brown (D-OH)
Co-Chairs: Sen. Rob Portman (R-OH), Sen. Chuck Schumer (D-NY)
Community Development and Infrastructure
Co-Chairs: Sen. Dean Heller (R-NV), Sen. Michael Bennet (D-CO)
Each group will work with the nonpartisan Joint Committee on Taxation (JCT) to analyze options and potential tax reform solutions. The goal of this initiative is to produce a comprehensive report, including input and recommendations from all five groups, to be delivered to Chairman Hatch and Ranking Member Ron Wyden by the end of May 2015.
IPX1031®, along with the FEA and a coalition of associations, will continue to participate in the advocacy campaign to make Congress aware of how Section 1031 is used by a broad spectrum of taxpayers to stimulate transactional activity that creates jobs and fortifies the U.S. economy.
To read the press release, please click here.