KPMG Legislative Update (Feb. 12, 2021): Ways and Means advances reconciliation legislation

KPMG reports the following re Ways & Means Reconciliation Legislation:

The U.S. House Committee on Ways and Means yesterday evening voted 25-18 to advance the elements of reconciliation within its jurisdiction to the House Budget Committee.

Read TaxNewsFlash for analysis of the bill as originally unveiled by Chairman Neal (D-MA).

The committee adopted a Chairman’s amendment, which contained modifications related to the treatment of U.S. territories under certain provisions of the bill, as well as modifications to the bill’s provisions addressing multiemployer and community newspaper pension plans.

•Read descriptions of the Chairman’s modification: JCX-7-21[PDF 40 KB] and JCX-8-21 [PDF 36 KB]

•Read an analysis of the budgetary effect of the modifications: JCX-9-21 [PDF 104 KB]

See KPMG report by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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