United States (US) House Ways and Means Committee Chairman Kevin Brady this week said taxpayers should expect a series of small tax technical corrections bills that will address minor drafting issues in the Tax Cuts and Jobs Act (TCJA). A larger, more comprehensive technical corrections bill will take place later once the Government has had time to review the new code and stakeholders have had an opportunity to submit their comments. Chairman Brady added that international tax technical corrections will likely not happen soon.

Any technical corrections legislation will require the support of Congressional Democrats, particularly in the Senate, leaving open the question whether such support will be forthcoming.

House Ways and Means Tax Policy Subcommittee Chairman Vern Buchanan announced this week that the Subcommittee will hold a hearing on 14 March entitled "Post Tax Reform Evaluation of Recently Expired Tax Provisions." The hearing will examine which so-called tax extenders are necessary or unnecessary following enactment of tax reform.

Dana Trier, Treasury Deputy Assistant Secretary for Tax Policy, unexpectedly resigned his post, a department official confirmed this week. Trier, who assumed his position in July 2017, has been a leading government figure in ongoing discussions regarding pending TCJA guidance. It is unclear what impact, if any, Trier's departure will have on the release of future TCJA guidance.

———————————————
CONTACTS

For additional information with respect to this Alert, please contact the following:

Ernst & Young LLP, International Tax Services, Washington, DC

• Arlene Fitzpatrick
  arlene.fitzpatrick@ey.com
• Joshua Ruland
  joshua.ruland@ey.com

———————————————
ATTACHMENT

PDF version of this Tax Alert