Daily Tax Update - November 3, 2017: Chairman Brady Releases Mark of House Tax Reform Bill

Chairman Brady Releases Mark of House Tax Reform Bill:  Today, House Ways and Means Committee Chairman Kevin Brady (R-TX) released his mark of the Tax Cuts and Jobs Act (H.R. 1). The bill is scheduled for committee markup on November 6. As summarized by the Joint Committee on Taxation, the chairman’s mark makes certain adjustments to the inflation indexing calculations applicable to the individual tax brackets, removes the bill’s provision regarding the limitation on treaty benefits for certain deductible payments, and makes certain other technical and conforming amendments. 

A “redline” comparison of the chairman’s mark against the original bill (split into multiple sections) is provided below:

JCT Issues Report on House Tax Reform Bill:  The Joint Committee on Taxation released its report (JCX-46-17) on the estimated effects of the Tax Cuts and Jobs Act. The report estimates that the legislation would cost approximately $1.49 trillion from 2018 to 2027.

IRS LB&I Division Announces Eleven Additional Compliance Campaigns:  Today, the IRS Large Business and International (LB&I) Division announced the identification and selection of 11 additional compliance campaigns. The 11 campaigns selected for this rollout are:

  • Form 1120-F Chapter 3 and Chapter 4 Withholding Campaign
  • Swiss Bank Program Campaign
  • Foreign Earned Income Exclusion Campaign
  • Verification of Form 1042-S Credit Claimed on Form 1040NR
  • Agricultural Chemicals Security Credit Campaign
  • Deferral of Cancellation of Indebtedness Income Campaign
  • Energy Efficient Commercial Building Property Campaign
  • Corporate Direct (Section 901) Foreign Tax Credit
  • Section 956 Avoidance
  • Economic Development Incentives Campaign
  • Individual Foreign Tax Credit (Form 1116)