On Tuesday, House Ways and Means Committee Chairman Brady released a potential framework for scheduled “listening sessions” regarding a second potential round of tax reform. The document generally follows the same template of the blueprint that was released prior to the Tax Cuts and Jobs Act of 2017. The framework identifies three key areas:
- Extending the “sunset” provisions on tax reform “1.0” for individuals and small businesses.
- Creating and extending savings opportunities for individuals, such as retirement plans.
- Addressing opportunities that would help new business innovate.
While no sources of revenue have been identified to pay for the potential legislation, the municipal bond issuer community should remain alert to funding and financing sources important to our community, such as the municipal bond interest exemption. Listening sessions with other members of congress will be planned over the next several weeks, and legislation may be soon to follow.