House Unveiling Proposed Tax Code Alterations

On Wednesday this week, House Ways & Means Committee Chairman Dave Camp (R-Mich.) is expected to unveil proposed tax code alterations, same day AED is conducting a webinar on the impact of comprehensive tax reform on equipment distributors.

While the details have not been released, it is likely to propose significant changes to the tax code including cost recovery, last in first out accounting and the corporate (and possibly individual) tax rate.

With Camp's Ways & Means chairmanship ending at the end of this Congress, tax policy experts believe he is distributing the draft to spur debate on potential tax proposals and set the stage for comprehensive reform next year.

Last year, AED told Ways & Means that equipment distributors are desperate for a simpler, more certain tax code that encourages economic growth and job creation. In the association’s comments to the small business tax reform discussion draft, AED called for lawmakers to create a more competitive business environment while maintaining tax provisions that encourage investment.