Dec 12, 2014 Tax Reform Act of 2014
By Royse Law Firm, PC
With the 113th Congress drawing to a close, Chairman Camp (R-Mich.) introduced the Tax Reform Act of 2014 to the House to formalize the legislative draft he released in February 2014. While acknowledging that there was little time to pass the bill in the current Congress, Camp said that he hoped it would encourage further action on the topic in the 114th Congress. Even though the Tax Reform Act of 2014 was one of the last bills introduced in the 113th Congress, it was still awarded the symbolic “H.R. 1” designation (i.e. “House Resolution 1,” typically awarded to the first bill introduced to the House in a given Congress) in recognition of the importance of tax reform to Congress and taxpayers.
The bill is the same as the draft published in February 2014. For a detailed analysis of the Tax Reform Act of 2014, please read our series of blog posts on U.S. tax reform where we compared Chairman Camp’s proposal to the 2015 White House budget which was released around the same time:
- Chairman Camp’s Discussion Draft: Individual Taxation
- Chairman Camp’s Discussion Draft: Business Taxation
- White House Budget
- Comparison of the Chairman Camp and White House Proposals