Bloomberg reports that Lawmakers returning from recess this week will begin working on the contours of a tax package that they hope to pass by the end of the year.
Provisions that are set to expire at the end of this year could carry other smaller items in a tax package, said George Callas, a former top tax counsel to former House Speaker Paul D. Ryan (R-Wis.).
The soon-to-expire measures renewed in the House package include the new markets tax credit, the work opportunity tax credit for disadvantaged workers, the look through treatment of payments between related foreign corporations, and an excise rate cut for the alcohol industry. The Work Opportunity Tax Credit—which ranges from $1,200 to $9,600 per employee—seeks to help veterans, the disabled, felons, the long-term unemployed, and other disadvantaged groups.
“If there’s a feeling that we need to do the 2019 provisions before they actually expire, than I do think they can be drivers,” Callas said.
Tax Writers to Focus on Extenders, Retirement This Fall (Bloomberg)