Richard Burness

1 month ago | jdsupra.com | Rosemary Becchi |Gregory Berger |Richard Burness

On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget resolution (H. Con. Res. 14). The bill includes a broad range of tax-and-spending provisions developed by 11 House committees. Title XI, the Ways and Means Committee’s tax title, includes tax provisions adopted by the committee on May 14, after a 17-hour markup. Please see full publication below for more information.

1 month ago | jdsupra.com | Rosemary Becchi |Gregory Berger |Richard Burness

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.