Ways and Means Ready for Tax Bill Markup
On May 9, 2025, the House Committee on Ways and Means began to release the text of its much-anticipated tax legislation. The bill contains the committee chair’s budget reconciliation recommendations; next it will be debated and amended during the committee’s markup hearing. The committee is scheduled to begin its markup on May 13, 2025.
The Joint Committee on Taxation simultaneously released a corresponding report providing enhanced descriptions of the tax provisions within the bill. The report includes a description of the present law, followed by a description of the new proposal for each provision.
Notably, the bill would make permanent and often enhances several individual tax provisions such as the income tax brackets and rates, the standard deduction, and the Child Tax Credit. For business owners, the bill increases the qualified business income deduction under Section 199A from 20% to 22% while making it permanent. The bill does not provide for several of the more controversial tax issues such as the cap on state and local tax deductions. It is anticipated that additional provisions will be added to the bill soon.
Republican leadership hopes to complete committee markups this week, after which the House Budget Committee will combine the respective committee bills into one omnibus budget reconciliation package to be voted on by the entire House. The goal is to have the reconciliation bill to the Senate before the Memorial Day recess.
Track New Developments with Us
With this development, the Forvis Mazars Washington National Tax Office (WNTO) has released its legislative tracker providing up to date information as federal tax legislation is introduced in Congress. The legislation tracker can be accessed through the WNTO’s website.
Our WNTO is staying ahead of upcoming tax laws and their implications for your organization. As federal tax legislation is introduced in Congress, we’ll update this tracker to help you stay up to date on the provisions important to you. This tracker includes a description of the provision, its status in the legislative process, and insights into its application and potential impact. Bookmark this page for the latest updates.
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