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Financial Planning > Tax Planning

GOP Releases Draft of Technical Fixes to Tax Law

By Melanie Waddell

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Outgoing House Ways and Means Committee Chairman Kevin Brady released Wednesday a discussion draft of the Tax Technical and Clerical Corrections Act with respect to the tax law — tackling such issues as the definition of qualified REIT dividends to business interest income.

Following the rewrite of the federal tax code, “the technical corrections process ensures that the implementation of the Tax Cuts and Jobs Act is consistent with congressional intent,” Brady, R-Texas, said in releasing the 91-page discussion draft.

“We are releasing this discussion draft of technical corrections with respect to the TCJA and other tax legislation to inform stakeholders and provide the American people an opportunity to submit feedback on the draft provisions,” Brady said.

Nicole Keading, director of federal projects at The Tax Foundation in Washington, told ThinkAdvisor in a Wednesday email that with Brady’s anticipated corrections bill, potential tax cuts corrections are now assembled as a “full list.”

Some of these corrections, Keading said, “such as the correction related to qualified improvement property, were included in several other bill drafts” from Brady in December. However, “they were not adopted by the Senate.”

Brady’s corrections bill, however, is likely to languish as “Democrats in both chambers have expressed hesitation and a lack of willingness to help Republicans make these changes, particularly after Republicans refused to help make changes to the Affordable Care Act earlier in the decade,” Keading said. “A few of these could be bipartisan, but it likely won’t be passed in totality.”

Melanie Waddell

@Think_MelanieW

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