Note: This alert has been updated to reflect final amendments before the passage of H.R. 1 by the House. These changes can be found linked here.
On Monday, May 12, House Ways and Means Committee (“Committee”) Chairman Jason Smith (R-MO) released text of the Committee’s tax title for the FY 2025 budget reconciliation bill—the amendment in the nature of a substitute (AINS). Following the release of the text, the Committee released a section-by-section summary of the bill and the Joint Committee on Taxation (JCT) released a description of the bill’s tax provisions and accompanying revenue tables. The AINS includes the Tax Cuts and Jobs Act’s (TCJA, Pub. L. 115-97) expiring provisions that were initially unveiled on Friday evening. All links to bill text, summaries and revenue tables are included below.
The AINS served as the base text for the Committee to mark up. The Committee began marking up the bill on Tuesday, May 13, completing its markup on Wednesday morning, May 14, after more than 17 hours of discussion. The Committee voted to adopt the AINS by voice vote, while accompanying motions to adopt the Committee Print as amended and to transmit the Committee’s recommendations to the House Budget Committee were adopted by a party-line vote of 26-19. During the markup, 38 Democratic-supported amendments were offered, but none were adopted. No Republican-supported amendments were offered.
The Committee’s tax title goes next to the House Budget Committee, which is responsible for consolidating the legislative packages reported by the other House committees with instructions under the budget resolution. The Budget Committee is expected to hold a markup later this week to approve the consolidated reconciliation bill, with no amendments permitted. The final package will then go before the House Rules Committee and is expected to come before the House for final passage next week.
To read the section-by-section breakdown, please click here.
THIS DOCUMENT IS INTENDED TO PROVIDE YOU WITH GENERAL INFORMATION REGARDING THE 2025 TAX BILL. THE CONTENTS OF THIS DOCUMENT ARE NOT INTENDED TO PROVIDE SPECIFIC LEGAL ADVICE. IF YOU HAVE ANY QUESTIONS ABOUT THE CONTENTS OF THIS DOCUMENT OR IF YOU NEED LEGAL ADVICE AS TO AN ISSUE, PLEASE CONTACT THE ATTORNEYS LISTED OR YOUR REGULAR BROWNSTEIN HYATT FARBER SCHRECK, LLP ATTORNEY. THIS COMMUNICATION MAY BE CONSIDERED ADVERTISING IN SOME JURISDICTIONS.