Experts at this week’s American Institute of Certified Public Accountants National Tax Conference predicted that Congress is unlikely to pass comprehensive tax reform legislation in the near future despite ongoing positive discussions.
The House and Senate tax-writing committees are on track to produce bipartisan tax reform legislation that will receive lawmakers’ approval, but it is unlikely to occur until the next Congress, said tax experts on November 4. Speaking at the AICPA National Tax Conference, Donald R. Longano, former Democratic chief tax counsel to the House Ways and Means Committee, said tax reform is “more likely to come to fruition in 2015,” despite the intense activity going on behind the scenes.
Observers also predicted that lawmakers would not extend $64 billion in energy and business tax provisions scheduled to expire at the end of 2013.
Any proposals not enacted into law by the end of 2014 would have to be reintroduced in the 114th Congress in January 2015.
Read the full report from the CCH Group Blog.