Republicans are set to take control of both chambers of Congress next January. The consensus on Capitol Hill is that there’s little chance of major tax legislation being passed until then. However, there may be an opportunity during the rest of the lame-duck session to consider minor tax bills. According to Eric LoPresti, tax counsel for Senate Finance Committee Chair Ron Wyden (D-OR), there’s interest among lawmakers to pass a disaster tax relief bill. Also, Finance Committee Member Mike Crapo (R-ID) mentioned that Employee Retention Tax Credit provisions could be added to a minor tax bill if one is offered before year end. These provisions have bipartisan support. Stay tuned.
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