House Border Adjustment Legislation Could Be Ready by July; Likely No 'Carve-Outs'
The House GOP tax reform legislation with border adjustment provisions could be ready by July and won't include exemptions, House Ways and Means Committee Chairman Kevin Brady, R-Texas, said in a Bloomberg interview (here). “I’m not anticipating any exceptions or…
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carve-outs. I want to be very clear there," Brady said. Brady is working closely with industry on the design and transition provisions, he said. Brady also called out companies that advocate current tax policies he says favor foreign products over U.S.-made ones. “That’s not going to work,” he said. “And if they’re going to ask to keep in place incentives to move jobs overseas, that’s not going to be successful either.” Brady’s committee is working on the final drafts of tax reform legislation along with congressional outsiders looking at the broader picture, he said. "I imagine" the bill could be ready "in the first half of this year," though there's no time table, he said.