Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) recently announced the launch of five separate bipartisan Finance Committee Tax Working Groups to spur congressional comprehensive tax reform efforts in the 114th Congress. The groups will analyze current tax law and examine policy trade-offs and available reform options within the group’s designated topic areas. Each group will be co-chaired by one Republican and one Democrat member. It is likely that the community and infrastructure group will examine the Low-Income Housing Tax Credit (LIHTC), the New Markets Tax Credit (NMTC) and the historic tax credit (HTC), and the business tax reform group will examine renewable energy tax credits.
The five working groups and their co-chairs are listed below:
Individual Income Tax Co-Chairs:
Senator Chuck Grassley (R-Iowa) & Senator Mike Enzi (R-Wyo.), Senator Debbie Stabenow (D-Mich.)
Business Income Tax Co-Chairs:
Senator John Thune (R-S.D.) & Senator Ben Cardin (D-Md.)
Savings & Investment Co-Chairs:
Senator Mike Crapo (R-Idaho) & Senator Sherrod Brown (D-Ohio)
International Tax Co-Chairs:
Senator Rob Portman (R-Ohio) & Senator Chuck Schumer (D-N.Y.)
Community Development & Infrastructure Co-Chairs:
Senator Dean Heller (R-Nev.) & Senator Michael Bennet (D-Colo.)
