Grassley, Wyden Release Committee Summary Reports on Long-Term Solutions to Temporary Tax Policy
Washington – U.S. Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.) today released three reports containing summaries of the work conducted by several bipartisan taskforces that examined temporary tax provisions that expired, or will expire, between December 31, 2017 and December 31, 2019 – totaling more than 40 provisions. The reports include feedback from stakeholder groups and individuals affected by these temporary tax policies. The remaining taskforce summary reports are expected to be finalized in the coming days and will be released as they are received.
The taskforces examined tax policies within the following issue areas: workforce and community development, energy, business cost recovery, health tax policies and a combined group consisting of individual, excise and other temporary policies. They were tasked with finding possible solutions that would provide long-term certainty in these areas. A separate, sixth taskforce examined whether there is a core package of tax relief provisions that should be available when natural disasters strike.
“I’m grateful for the hard work of my colleagues and for the input we received from individuals, businesses and industries across the country that represent millions of American jobs. Their thorough and bipartisan approach will form the foundation of the committee’s work to provide more certainty to temporary tax policy,” Grassley said. “The next step will be to put together a legislative package based on the proposals that the taskforces received, the areas of consensus among the taskforce members and continued bipartisan discussions. Taxpayers deserve predictability and clarity, and they haven’t received either for far too long on temporary tax policy. As we work toward that goal, we also shouldn’t lose sight of the provisions that expired more than a year and a half ago. That must be a top priority for Congress upon its return in September.”
“Tax policy should not be set a year or two at a time. We need to find permanent solutions that provide certainty to families and businesses,” Wyden said. “I appreciate the work of my colleagues and their staff to meet with a wide-range of stakeholders over the past several months and explore options for addressing these policy issues.”
In February, Grassley and Wyden introduced bipartisan legislation to restore the tax provisions that expired at the end of 2017 and 2018 through the balance of this year and provide disaster tax relief benefits to individuals and businesses affected by major disasters occurring in 2018. The House of Representatives is required under the Constitution to initiate all tax legislation.
The taskforce summaries released today are below. Further information about the temporary tax policies that the taskforces examined can be found here. Grassley and Wyden served as ex officio members of every taskforce.
ENERGY – The taskforce summary report can be found HERE.
Senator John Thune (R-SD), Co-Lead Senator Debbie Stabenow (D-MI), Co-Lead
Senator Pat Roberts (R-KS) Senator Thomas Carper (D-DE)
Senator John Cornyn (R-TX) Senator Sheldon Whitehouse (D-RI)
Senator Bill Cassidy (R-LA) Senator Maggie Hassan (D-NH)
COST RECOVERY – The taskforce summary report can be found HERE.
Senator Mike Crapo (R-ID), Co-Lead Senator Benjamin Cardin (D-MD), Co-Lead
Senator Todd Young (R-IN) Senator Catherine Cortez Masto (D-NV)
INDIVIDUAL, EXCISE & OTHER EXPIRING POLICIES – The taskforce summary report can be found HERE.
Senator Pat Roberts (R-KS), Co-Lead Senator Robert Menendez (D-NJ), Co-Lead
Senator Steve Daines (R-MT) Senator Maggie Hassan (D-NH)