With about one week of the Congressional session remaining until the end of the year, tax reform remains very much on the Congressional agenda, but the timetable for reform has been pushed back. Although Senate Finance Committee Chair Max Baucus (D-MT) and House Ways & Means Chair Dave Camp (R-MI) had initially pledged to move comprehensive reform legislation through their respective committees this year, the various financial crises and a number of other factors have delayed at least the introduction of legislation until early to mid-2014.
Despite this delay, a significant amount of work on tax reform continues to take place both on-the-record and behind-the-scenes. For example, Senator Baucus has recently released three staff "discussion drafts," which are full legislative text proposals, on cost recovery and tax accounting rules, international tax reform and tax administration. Comments are due to the Committee by January 17, 2014. In addition, Congressional staffers in both the Senate and House continue to meet privately with stake-holders, including many in the charitable sector, all with an eye toward drafting legislative language that can ultimately garner sufficient support in Congress.