Outgoing House Ways and Means Committee Chairman Kevin Brady, R-Texas, released a draft bill Wednesday to correct drafting errors and other technical issues with the 2017 tax law.
The Texas Republican published the draft on his last full day as chairman of the committee, as the next Congress, with a Democratic majority in the House of Representatives, will see Rep. Richard Neal, D-Mass., take the powerful gavel for that panel. Brady will return as the ranking Republican on that committee in the next Congress.
“I look forward to gaining valuable feedback from the public and working with my colleagues in the House and Senate on both sides of the aisle as we continue to provide clarity and certainty for job creators across the country seeking to invest in their workers and our communities,” said Brady in a release touting publication of the draft bill.
The bill would make corrections to law governing the taxation of small businesses, real estate investment trusts, and international insurance and reinsurance, among other issues. The bill would also correct parts of other tax laws passed by Congress recently.
Neal is likely to draft his own corrections if he wants to move forward on the issue. Any legislation will need bipartisan support in the Senate to become law, since Republicans will still hold a majority in that chamber.
