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Senate Committee Seeking Recommendations on Tax Reform

Mon, Jun 19, 2017

Senate Finance Committee chairman Orrin Hatch (R-Utah), is seeking recommendations on tax reform from stakeholders as efforts move forward in Congress to overhaul the federal tax code. In a letter sent Friday to stakeholders, Hatch outlines four key area in which input is needed:

  • Providing tax relief to middle-class individuals and families through reforms to the individual income tax system.
  • Strengthening both large and small businesses by lowering tax rates and broadening the tax base.
  • Removing impediments and disincentives for savings and investment that exist in the current tax code.
  • Updating the U.S. international tax system to make the country more competitive in the global economy and preserve its tax base.

Submissions and comments can be sent to the Senate Finance Committee at taxreform2017@finance.senate.gov. The deadline is July 17, 2017.

Our Advocacy Team is hearing that a Senate draft of the legislation will be finished by August 1, but will not be released at that time. A tax reform hearing is tentatively planned for September, with a markup later in the fall. Our sources on the Hill are telling us that there has been no recent talk about bringing the credit union tax exemption into the mix. While the bankers don’t appear to be getting any traction, they continue to aggressively push for a change in the credit union tax status.