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Senate Finance Committee postpones tax reform working group deadlines

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Senate Finance Committee Chair Orrin Hatch, R-Utah, last week announced a new deadline of July 6, 2015, for the committee’s tax reform working groups to submit their reports.

This is the second extension for the working groups, which were originally meant to report to the committee by the end of May. There are five groups, each handling one of the following five subjects: individuals, businesses, international, infrastructure and community development, and savings and investment. It is unclear how much of the groups’ work will be released publicly.

The groups are not expected to make extensive recommendations and instead appear more likely to provide overviews of issues and options. The co-leaders of the international working group — Sen. Chuck Schumer, D-N.Y., and Sen. Rob Portman, R-Ohio — have found common ground over the idea of a “patent box.” A patent box could provide a reduced rate for income from intellectual property housed in the United States. Portman and Schumer may not be able to get agreement on a proposal from the working group, but have discussed introducing a bill themselves.

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Mel Schwarz
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mel.schwarz@us.gt.com

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