Senate releases overhaul plans
The Senate Republican tax overhaul will match the House version by lowering the corporate tax rate to 20 percent, according to highlights released by the Finance Committee this afternoon.
While the bill, details of which remain under wraps, will match the House’s corporate rate, it may include a one-year delay. The measure would also allow full and immediate expensing of new equipment, according to the summary.
GOP senators got a briefing on the proposal this morning. But the fate of the renewable and investment tax credits was unclear. Asked about how the bill treats the wind industry, Sen. Mike Rounds (R-S.D.) told reporters, “I think we’re still working on it.”
The House version, which was passed by the Ways and Means Committee this afternoon on a 24-16 vote, would reduce the value of the PTC while adding new eligibility requirements.
Sen. Michael Bennet (D-Colo.) said that as of 1:30 p.m. today, “we have not seen the text, the legislative language from the Finance Committee majority.”
“The rumors we’ve heard are that amendments are due on Sunday, we will have a markup on Monday,” he told reporters. “We have not had a single hearing on this legislation because the legislation has not been written.
“The American people have not had the opportunity to testify on it. Not a single economist in America has been able to give their opinion about it. We haven’t heard from the American people or the private sector what they want out of a tax bill. This is not the way to do our legislative work.”
Reporter Kellie Lunney contributed.