I spoke with Allyson Versprille of Bloomberg Tax about the dwindling prospects for a large-scale tax package passing during the lame duck, and the procedural challenge facing lawmakers to include any tax title at all:
The House didn’t vote Nov. 30 on a year-end tax bill that had been expected to go to the floor by that time, hurting the odds for the package moving forward this year at all.
Liam Donovan, a principal at Bracewell LLP in Washington, said canceling the vote “tells me the odds of a bigger package this year just went from slim to none.”
Because of the delay, lawmakers may not have the time they need to overcome the various procedural hurdles between the House and Senate to pass a bill, he told Bloomberg Tax in an email.
“It will come down to the timing on a spending deal,” Donovan said. It’s hard to see anything getting done on tax by Dec. 7, but “if they buy an extra week or two with a short-term” continuing resolution “to get to a broader deal, that puts more time on the clock to solve your procedural problems from a tax standpoint,” he said.
Read the entire piece here ($).