The tax reform package released in Congress on November 2 could be devastating to local governments, and it’s on a fast track.
This proposal would cap local property tax deductions, eliminate key credits like the Historic Tax Credit, and eliminate the state and local sales and income deductions. The House leadership plans to begin hearings on this bill on Monday.
Get details on the plan.
According to the National League of Cities, there is an aggressive timeline to get the bill through the House and Senate by the end of the year. It’s all hands on deck time for members of the South Carolina delegation to hear from local leaders about the huge impact this tax proposal would have on our cities and towns.
In the House: The Ways and Means Committee is expected to start considering tax reform Monday, November 6. The meeting is scheduled to last more than one day to accommodate member statements, amendments considered and voted, and then the vote to report the bill to the full House.
If the Ways and Means Committee approves tax reform legislation as anticipated, the full House is expected to consider the bill the week of Nov. 13.
In the Senate: The Senate Finance Committee is expected to consider its version of tax reform legislation the week of Nov. 13.
The Senate version is expected to have notable changes to the House version, likely being more "moderate" on several tax provisions and policy than the House bill. If the Senate committee approves the bill the week of Nov. 13, Senate Majority Whip John Cornyn, R-Texas, said he expects the full Senate to consider the bill before Thanksgiving.
If this time frame holds, that would leave December for the House and Senate to reconcile differences between the bills, and significant differences are expected. The goal would be to send a final tax reform bill to the president by the end of the calendar year.
Congressman Tom Rice is on the House Ways and Means Committee. Senator Tim Scott is on the Senate Finance Committee. Both of them need to hear from South Carolina leaders!
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