WASHINGTON — The eleven House Ways and Means Committee tax reform working groups will begin presentations next week to the full committee based on their findings and suggestions to change the tax code, congressional sources said.
There are two scheduled meetings — May 8 and May 17 — where the chair and vice chair of each of the Committee’s tax reform working groups will present their findings on the specific area of the tax code they have been examining.
In February Ways and Means chairman Rep. Dave Camp, R-Mich., and ranking minority member Rep. Sandy Levin, D-Mich., announced the creation of the eleven working groups. Each group is led by a Republican member serving as the chair and a Democratic member serving as vice chair.
The working groups were responsible for compiling feedback on a designated area of the tax code and collecting feedback from stakeholders.
On the House Ways and Means website, there is a section for groups to submit comments to the working groups. A handful of muni market groups, including the Securities Industry and Financial Markets Association, the Municipal Bonds for America coalition and the National Association of state auditors, comptrollers and treasurers all urged the lawmakers to preserve the municipal bond tax exemption.
Several hundred groups in total submitted comments and will be part of a final report the Joint Committee on Taxation will release on May 6.
The eleven working groups include: charitable/exempt organizations; debt, equity and capital; education and family benefits; energy; financial services; income and tax distribution; international; manufacturing; pensions and retirement; real estate; and small business/pass throughs.