Daily Tax Update - July 23, 2014: Select Revenue Subcommittee to Hold Hearing on Dynamic Scoring of Tax Reform Draft

SELECT REVENUE SUBCOMMITTEE TO HOLD HEARING ON DYNAMIC SCORING OF TAX REFORM DRAFT:  On July  30, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on dynamic analysis of the discussion draft of the Tax Reform Act of 2014, as released by Chairman Dave Camp on February 26, 2014.  According to the  Subcommittee, “Specifically, the Subcommittee will review dynamic analyses of the macroeconomic effects of the draft conducted by outside economists, the role of dynamic analysis in assessing tax reform proposals, how dynamic analysis can provide recommendations to strengthen the draft, and recommendations for improving the availability and use of dynamic analysis.”

In announcing this hearing, Subcommittee Chairman Tiberi said, “Fixing our broken tax code will strengthen the economy to help employers create more jobs and increase wages for American families.  Chairman Camp has worked hard to produce a tax reform draft that does just that.  This hearing provides a good opportunity to hear economic analysis on how the draft achieves this goal and to learn about more actions the Committee can take to improve the draft and the accuracy of our measurements.”

MISCELLANEOUS GUIDANCE RELEASED: 
Revenue Procedure 2014-45 describes the circumstances in which the Internal Revenue Service (Service) will not treat a redemption of shares in a money market fund (MMF) as part of a wash sale.  Revenue Procedure 2014-45 responds to Securities and Exchange Commission (SEC) rules that change how certain MMF shares are priced.