Cloakroom: October 24 – October 28
House Cloakroom: October 24 – October 28
Analysis: This week the House will take up two important changes to the tax code. The first would change the way income is calculated with respect to eligibility requirements for certain healthcare tax benefits. The second would end the 3% withholding on payments to businesses by the government. This second bill has already failed in a cloture vote in the Senate, but is expected to fair better in the House.
Major Floor Action:
- HR 2576 – To amend the Internal Revenue Code of 1986 to modify the calculation of modified adjusted gross income for purposes of determining eligibility for certain healthcare-related programs
- HR 674 – To amend the Internal Revenue Code of 1986 to repeal the imposition of 3 percent withholding on certain payments made to vendors by government entities
Major Committee Action:
- The House Ways and Means Committee will hold a hearing on “US-China Economic Relations.”
- The House Foreign Affairs Committee will hold a hearing on “Deployment of US Forces in Uganda.”
- The House Energy and Commerce Subcommittee on Energy and Power will hold a hearing on “Farm Dust Regulation Prevention Act.”
- The House Judiciary Committee will hold a hearing on the “Regulatory Accountability Act.”
- The House Armed Services Committee will hold a hearing on “Military Retirement Overhaul.”
The Senate will be in recess next week.