House Ways and Means Committee Chairman Kevin Brady (R-Tex.) could unveil his blueprint for comprehensive tax reform as early as June of this year, the lawmaker reportedly said during an April 15 event at the U.S. Chamber of Commerce.
According to the Chamber’s Above the Fold newsletter, Chairman Brady told the group that his panel has a “green light” from House Speaker Paul Ryan to move ahead with efforts to reform the federal tax code. The report said Brady’s committee plans to release “a blueprint for broad, meaningful tax reform” by June. Brady also suggested to the group that a tax reform bill could be completed this year, though Speaker Ryan has previously said that Congress has no plans to vote on a tax code overhaul until after a new presidential administration is sworn in in 2017.
Most tax reform proponents on Capitol Hill favor simplifying the tax code by eliminating many deductions and exemptions, while also broadly lowering income tax rates across the board. But AMWA and other water sector associations are urging Congress against changing the status of tax-exempt municipal bond interest, which helps communities and water utilities access low borrowing rates to finance necessary infrastructure investments. The Chamber of Commerce’s report on Chairman Brady’s remarks contained no references to how municipal bond interest might be affected under his tax reform plan.