Sen. Mike Enzi (R-Wyo.) recently wrote a letter to the leadership of the Senate Finance Committee asking that they consider two pieces of tax-reform legislation he introduced.
Enzi’s letter to Chairman Max Baucus (D-Mont.) and ranking member Orrin Hatch (R-Utah) referred to bills on international tax reform and tax return due date simplification. Baucus’ committee is progressing toward a markup of comprehensive tax reform legislation.
“Under your strong leadership, the Finance Committee is moving forward on tax reform,” Enzi said. “As the only accountant serving on the Finance Committee, I look forward to playing an important role in the development of bipartisan, revenue-neutral, comprehensive tax reform legislation that is perceived as fair and simple, that provides certainty for the American people, and that leads to stronger economic growth for the country.”
Enzi’s bill on tax return due dates would amend the tax code to “provide for the logical flow of return information between partnerships, corporations, trusts, estates, and individuals to better enable each party to submit timely, accurate returns and reduce the need for extended and amended returns.”
The international tax bill would allow domestic corporations to take a deduction for dividends from certain foreign corporations and create a deduction for foreign intangible income derived from trade or business.
“In addition to the federal tax code provisions impacted by [these] bills, there may be other provisions in the tax code that could be altered, enhanced or removed, or that could be returned in their current form,” Enzi said.