Today, Senator Orrin Hatch, chairman of the Senate Finance Committee, announced the formation of five bipartisan Finance Committee Tax Working Groups to analyze current tax law and reform options within each group’s designated focus area. Each working group will be co-chaired by Republican and Democrat committee members.
The working groups and co-chairs are:
- Individual Income Tax
- Co-Chairs: Sen. Chuck Grassley (R-IA), Sen. Mike Enzi (R-WY) and Sen. Debbie Stabenow (D-MI)
- Business Income Tax
- Co-Chairs: Sen. John Thune (R-SD), Sen. Ben Cardin (D-MD)
- Savings and Investment
- Co-Chairs: Sen. Mike Crapo (R-ID), Sen. Sherrod Brown (D-OH)
- International Tax
- Co-Chairs: Sen. Rob Portman (R-OH), Sen. Chuck Schumer (D-NY)
- Community Development and Infrastructure
- Co-Chairs: Sen. Dean Heller (R-NV), Sen. Michael Bennet (D-CO)
Each group will work with the nonpartisan Joint Committee on Taxation (JCT) to analyze options and potential tax reform solutions. The goal of this initiative is to produce a comprehensive report, including input and recommendations from all five groups, to be delivered to Chairman Hatch and Ranking Member Ron Wyden by the end of May, 2015.
The FEA Government Affairs Committee will work with our lobbyists at William & Jensen to provide input about the benefits of retaining IRC Sec. 1031 to the relevant groups as more information about the mechanics of each group becomes available.