Camp & Levin Introduce Tax Technical Corrections Bill
Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) introduced the Tax Technical Corrections Act of 2014 to make technical corrections to U.S. tax laws. The legislation responds to various inquiries from the public and government enforcement agencies with respect to the application of tax laws, and clarifies Congressional intent of those laws. The Senate Finance Committee approved similar legislation earlier this year.
“This bill provides important technical corrections to various tax provisions to address ambiguities that only make the tax code more confusing and complex,” said Camp. “This tax technical corrections bill will help provide clarity both to taxpayers and to those administering the tax law, while Congress continues to work to ease the burden our broken tax code has on hardworking Americans and businesses small and large.”
“These commonsense corrections to the tax code will make it easier for American taxpayers to comply with our federal tax law,” said Levin. “I thank the Joint Committee on Taxation for working with us to get these important corrections done.”
Text of H.R. 5528 is available here and a technical explanation of the bill prepared by the staff of the Joint Committee on Taxation is available here.