Outlook for Tax Reform Legislation in 2016
December 30, 2015 11:20 AM
"There will be no important tax legislation next year, nothing's going to get to the finish line," said Howard Gleckman, senior fellow at the Tax Policy Center.
"Congress has basically completed its to-do list," said John Godfrey, senior director of government relations at the American Public Power Association. "The pressure to act has been lifted." But tax policy is driven by headlines as well as deadlines, he said.
New House Ways and Means Committee Chair Kevin Brady, R-Texas, recently told reporters he wants to focus on international tax reform in 2016 and set the stage for a broader tax overhaul after the presidential election. In November, just after replacing Ryan, Brady said he planned to solicit the views of House members on tax reform over the next few months.
If Congress considers corporate or international tax reform, "there's always the risk that some tweaking of the tax-exempt bond statutes will find itself in that discussion," said Michael Decker, managing director and co-head of municipal securities at the Securities Industry and Financial Markets Association.
"It's hard to see [Congress] doing much with the truncated session" for next year's presidential election. Members will be out part of July, all of August, all of October and most of November, said Bill Daly, director of governmental affairs for the National Association of Bond Lawyers.
