Originally published on June 21, 2023, by Aquiles Suarez for NAIOP.
Last week, House of Representatives Ways and Means Committee Chairman Jason Smith (R-MO) kicked off what is expected to be months-long congressional negotiations over tax legislation. After a markup session that lasted nearly 10 hours, the tax committee passed three pieces of legislation that will be packaged together to comprise the American Families and Jobs Act. The bills passed on a purely partisan basis, with no Democrats on the committee voting in support, and with little chance that the combined bill would pass the Democratic-controlled Senate in its current form. As such, the committee’s action is seen as House Republicans’ first step on the road to talks with their Democratic Senate counterparts, possibly culminating in a year-end, bipartisan tax package.
The three bills passed by the Ways and Means Committee are:
- The Tax Cuts for Working Families Act (H.R. 3936);
- The Small Business Jobs Act (H.R 3937); and
- The Build It in America Act (H.R. 3938).