Legislative update - Ways and Means Chairman Camp releases small-business tax reform draft 

March 12: House Ways and Means Committee Chairman Dave Camp (R-MI) today released draft legislation that would reform the taxation of small businesses. The draft presents reform options for the treatment of S corporations and partnerships.
  • Under one option, the rules for S corporations and partnerships would be liberalized, but otherwise would be retained and simplified.
  • Under a second option, the passthrough rules of S corporations and partnerships would be unified in a single passthrough regime.

Documents

The Ways and Means Committee’s releases today include:


Comments requested

In its release, the committee acknowledged that the draft “does not address certain technical and policy issues that may need to be resolved” and invites comments on a list of them, as outlined in the summary.


The draft is the third piece of comprehensive reform to be released for comment over the past 16 months. Chairman Camp and ranking Democrat Sander Levin (MI) recently announced the formation of 11 working groups of committee members to study various aspect of tax reform, which Camp has said he intends to pursue this year.




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