KPMG: Legislative update: JCT releases “Bluebook” on tax legislation in 116th Congress (March 8, 2022)

KPMG reports Legislative update: JCT releases “Bluebook” on tax legislation in 116th Congress (March 8, 2022). It’s summary begins as follows:

The staff of the Joint Committee on Taxation (JCT) today released a report—the “Bluebook”—explaining tax legislation enacted by the 116th Congress.

Read the JCT report: General Explanation of Certain Tax Legislation Enacted in the 116th CongressJCS-1-22

The Bluebook describes all tax legislation enacted in the 116th Congress, providing explanations of more than 200 tax provisions across eight different laws, starting with the Taxpayer First Act (Public L. No. 116-25) and ending with the Consolidated Appropriations Act, 2021 (Pub. L. No. 116-260)

The JCT release explains that for each provision, the Bluebook includes a description of present law, an explanation of the provision, and the effective date. For a bill with a JCT report (or, in the absence of one, a contemporaneous technical explanation prepared and published by the JCT staff), the document is based on the language of the report (or explanation).

To see the full report, click here: “Legislative update: JCT releases “Bluebook” on tax legislation in 116th Congress”.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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