House Ways and Means Committee Democrats on Monday announced that their tax-writing committee will consider several legislative proposals that will eventually be included in a reconciliation bill, commonly known at the “rescue plan,” that President Joe Biden has called on Congress to approve.
It is important to note that the provisions mentioned below are not the final product that will come from the tax-writing committee. The entire Ways and Means Committee will begin vetting these proposals on Wednesday, and changes to the legislation could occur. That vetting process is expected to last until Friday.
Below are some of the proposals that the Committee will debate later this week:
The tax-writing committee’s section-by-section summary of the provisions can be found here. This link includes the legislative text.
The House Ways and Means Committee is just one of twelve House committees that are vetting proposals for the $1.9 trillion rescue bill.
All House committees are expected to complete vetting their bills by February 16, 2021. After that is process is complete, the House Budget Committee will combine all the bills into one piece of legislation that House Democratic leaders hope to vote on the week of February 22, 2021. Passage is expected.
At that point, the legislation travels to the Senate. Passage is also expected in the Senate.
The goal is to have the entire legislation approved by Congress and signed into law by mid-March so that unemployment benefits, like the enhanced $300 payment, benefits to gig workers, and the extension of coverage, which are all currently set to expire on March 14, 2021, are extended before they perish.
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