SENS. BAUCUS, HATCH TAKE "BLANK-SLATE" APPROACH TO TAX REFORM
Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Orrin Hatch, R-Utah, today proposed a “blank-slate” approach as a legislative starting point for tax reform. In a “Dear Colleague” letter they called on their Senate colleagues to submit legislative language or detailed proposals by July 26 for which tax expenditures and other provisions should be added back to a reformed tax code. In the letter, Sens. Baucus and Hatch write that they “both believe that some existing tax expenditures should be preserved in some form” but that tax expenditures and other provisions should be added back only if they: help grow the economy, make the tax code fairer, or effectively promote other important policy objectives.
Tune in to the July 2 Tax Credit Tuesday podcast to hear Michael J. Novogradac, CPA, discuss what this approach could mean for the low-income housing tax credit, new markets tax credit, historic tax credit and renewable energy tax credits.