Last week, the House Republican Steering Committee met and selected Rep. Kevin Brady (R-Texas) as the next Ways and Means Chairman, replacing the former chairman Rep. Paul Ryan (R-Wis.) who was elevated by his colleagues to become the Speaker of the House. The race to replace Chairman Ryan was the closest watched gavel race in recent memory, pitting two veteran panel members, Reps. Brady and Pat Tiberi (R-Ohio) against each other. AGC sent a letter to Chairman Brady congratulating him on his victory, as well as outlining AGC’s tax, health and pension policy priorities. Rep. Tom Rice (R-SC), a CPA and tax lawyer, was selected to fill the committee vacancy left by the departure of Speaker Ryan.
Chairman Brady told Tax Analysts that he wanted to get something done “sooner rather than later. Whether it is a permanency package, which I'm driving for, or if that's not possible, a two-year extension. But I have to make some visits with our leaders.” The Wall Street Journal had an interview with the new chairman, where Brady made clear he wants to move a robust tax extender package this fall then spend next year pushing the "step one, step two" plan for tax reform outlined by Paul Ryan in the past year.
The expired tax provisions are likely to be included in the last revenue bills headed for completion at the end of the year… riding on a conferenced highway bill that the House and Senate will hash out over the next two weeks or along with a likely omnibus spending package needed by mid-December. AGC has been actively lobbying for the renewal of the expired tax provisions for the industry for at least three years, pushing a renewal deadline past the presidential elections and in to early 2017. The concern between now and the end of the year is that Congress will only retroactively renew the 2015 provisions (a redux of the scenario that played out in 2014).
For more information, please contact Brian Lenihan at lenihanb@agc.org or (202) 547-4733.