On Tuesday, the House Ways and Means Committee convened the panel’s first hearing of the year, which focused on “pro-growth policies” and views expressed by thought leaders in DC-based think tanks. Chairman Kevin Brady (R-Texas) noted his panel will be drafting international tax legislation over the next few months to address corporate inversions. Chairman Brady added that a timeline and details have not yet been decided, and that drafting will begin in the Tax Policy subcommittee led by Rep. Charles Boustany (R-La.).
Discussions on an international tax bill have heated up in recent weeks as attention-grabbing corporate inversions dominate national headlines. Rep. Tom Reed (R-NY) mentioned that any changes in the code addressing the tax treatment for C-corporations, should also include efforts to lower the tax burden on the pass-through businesses. Despite talk by Speaker Paul Ryan (R-Wisc.) and other members of Congress about broad-based reform efforts, Chairman Brady said the committee will target international issues, and acknowledged that even those changes were unlikely to reach the president’s desk in 2016.
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