JCT Blue Book expected Q2 2023


A spokesperson for the Joint Committee on Taxation (JCT) recently indicated the JCT expects to publish its explanations for the tax provisions passed during the 117th Congress—known as the “Blue Book”—by the end of the second quarter 2023, with June as a potential target month for publication.


The Blue Book will include explanations of certain provisions of the Inflation Reduction Act (IRA), including the new corporate alternative minimum tax and the excise tax on stock buybacks—in addition to explanations of certain tax provisions included in other major pieces of legislation, like the American Rescue Plan Act of 2021, the CHIPS and Science Act of 2022, and the Infrastructure Investment and Jobs Act.


The Blue Book also will provide explanations of the retirement provisions included in the recently passed Consolidated Appropriations Act, 2023 (P.L. 117-328), colloquially known as “SECURE 2.0.”


In addition to explanations of provisions included in these pieces of legislation, the Blue Book also will include some, though not all, of the technical corrections for those and other bills.


Businesses should be on the lookout for the Blue Book in the coming months, as the guidance included in the publication will be impactful for numerous provisions included in numerous pieces of legislation.



Tax professional standards statement

This content supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the topics presented herein, we encourage you to contact us or an independent tax professional to discuss their potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this content may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this content is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “§,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.


More tax hot topics