Today In Washington
October 24, 2017
Source: AEO Government Relations Team, Madison Services Group
Tax Bill Coming Next Week
The House Ways & Means Committee will produce tax reform legislation the week of October 30. The House Freedom Caucus insisted that House GOP leadership produce a bill as soon as possible to secure their vote on the Senate-passed FY2018 Budget Resolution this week. As a reminder, the Senate resolution includes reconciliation language that provides $1.5 trillion over 10 years to Congressional tax-writing committees for tax reform. The House-passed resolution envisioned deficit-neutral tax reform while providing the House Ways & Means Committee $300 billion. House GOP leadership agreed to consider the Senate-passed resolution as part of a deal with Senate GOP leadership to avoid a time-consuming conference on the two resolutions. The House aims to pass their tax reform package by the Thanksgiving holiday.
S. 1984, the “Support our Start-ups Act of 2017.” Introduced by Senator Tammy Baldwin (D-WI). This legislation Increases the start-up deduction for new small businesses from $5,000 to $20,000, increases the deduction’s phase-out threshold from $50,000 to $120,000, and extends the start-up tax deduction to organizational expenditures to ensure businesses can benefit regardless if they are organized as a partnership, LLC or corporation. You can find the Senator Baldwin’s press release and bill text here.
Tomorrow @ 11a.m.: House Small Business Committee – “GAO Audit Reveals Half-Measures Taken by Small Business Advocates.” 2360 Rayburn House Office Building.
Thursday, 10/26 @ 10 a.m.: House Small Business Subcommittee on Economic Growth, Tax & Capital Access – “Financing Through Fintech: Online Lending’s Role in Improving Small Business Capital Access.” 2630 Rayburn House Office Building.
Thursday, 10/26 @ 10:30 a.m.: Senate Small Business & Entrepreneurship Committee – “Strengthening the Entrepreneurial Ecosystem for Women.” 428A Russell Senate Office Building.