My article in the latest Bracewell Tax Report was cross-posted in the National Law Review:

House Ways and Means Committee Chairman Kevin Brady (R-TX) last week released and ultimately approved a long-awaited package of legislation dubbed “Tax Reform 2.0.” The legislative text fleshes out the “listening session framework” put out by the Chairman shortly before the August recess. In concert with committee members and after discussions with rank and file House Republicans, the effort yielded three pieces of legislation: the Protecting Family and Small Business Tax Cuts Act, the Family Savings Act, and the American Innovation Act. The package was marked up in committee on Thursday, and advanced along party lines, setting up possible floor action for the end of the month.

Read the entire piece here.

My Bracewell colleague Vivian Ouyang and I penned an analysis piece in today’s Bloomberg/BNA Daily Tax Report:

Congress last month reached a sweeping two-year budget deal, breaking a months-long legislative logjam and providing a vehicle for a laundry list of non-controversial items that had been captive to the broader standoff over immigration. In addition to establishing higher spending caps for 2018 and 2019 and funding the government for six weeks while a long-term omnibus bill is written, the package included everything from a year-long debt ceiling increase to $89 billion in disaster aid. But it was the tax title that provided the most suspense, as the fate of the so called “orphaned” renewable technologies remained up in the air until the release of the legislative text. In the end, Congress passed, and the President signed into law, a multi-year extension and phase-out of the investment tax credit (ITC) for geothermal heat pumps, fuel cells, small wind, hybrid solar, and combined heat and power systems, while providing a one-year retroactive reprieve for more than 30 other lapsed “extender” provisions.

You can read the full piece here.

A version of this piece originally ran as part of the Bracewell Tax Report, a biweekly publication of brief, timely updates on recent developments in the tax world. To subscribe, click here.

Previous editions of the BTR:

Week of February 26

Liam & Vivian topic: Prepaid Power Contracts

Week of February 12

Liam & Vivian topic: Bipartisan Budget Breakthrough Gives Orphans New Life

Week of January 31

Liam & Vivian topic: After Tax Bill Two-Step, Orphan Hopes Rest on Extenders

Week of January 15

Liam & Vivian topic: Renewable Energy & 100% Bonus Depreciation

Week of January 2

Liam & Vivian topic: TCJA Provisions Affecting the Renewable Energy and Power Industry

In today’s New York Post I take a look at Trey Gowdy’s sudden retirement and what it says about the state of the House GOP majority:

It’s worth noting that this move comes amid political green shoots for Republicans. After months of increasingly ugly polls, the generic-ballot deficit has stabilized in the mid-single digits, a survivable range for the GOP. Presidential approval, perhaps the best historical barometer for midterm performance, has crept above the 40 percent political “Mendoza” line for the longest period since last September.

And Republicans’ signature legislative achievement has risen in popularity as Americans see the impact of tax cuts in the news and in their paychecks.

Yet the GOP jailbreak continues. The House casualty list stands at 41 and counting.

And whether it’s the breakdown of regular order, the paralytic legislative process, consolidation of power within the leadership ranks or simply a calculated hedge against a rising Democratic tide, congressional chairmen are leaving the People’s House in droves.

So one can easily rationalize Gowdy’s decision, as one could each of the nine outgoing committee chairmen that came before him. Many, including Gowdy, leave behind safe seats, and weren’t responding to direct political threats. Now-former Budget Chairman Diane Black (R-Tenn.) is actually seeking a statewide promotion. And among those who were vulnerable, like Foreign Affairs Chairman Ed Royce, most were term-limited by strict House GOP rules.

In the case of Appropriations Chairman Rodney Frelinghuysen — himself both endangered and unlimited — the gavel may have been stripped even if he had returned. Which is to say each member exits under their own circumstances.

But, while Gowdy’s retirement won’t cost Republicans a seat, it represents the most visible indicator yet that as House control hangs in the balance, those with the most vested interest in holding serve are choosing flight over fight.

Read the full piece here.