• Chairman Camp’s Discussion Draft of Tax Reform Act of 2014 and President Obama’s Fiscal Year 2015 Revenue Proposals
  • April 3, 2014 | Authors: Theodore D. Holt; Donald L. Korb; Andrew S. Mason; Andrew P. Solomon
  • Law Firms: Sullivan & Cromwell LLP - New York Office ; Sullivan & Cromwell LLP - Washington Office ; Sullivan & Cromwell LLP - New York Office ; Sullivan & Cromwell LLP - London Office ; Sullivan & Cromwell LLP - Washington Office
  • On February 26, 2014, Ways and Means Committee Chairman Dave Camp released a discussion draft of tax reform legislation entitled the “Tax Reform Act of 2014” (the “Discussion Draft”). Although the Discussion Draft is unlikely to be enacted in its current form, some or all of the proposals may serve as a template for future legislation. In addition, on March 4, 2014, the Obama Administration (the “Administration”) released the General Explanations of the Administration’s Fiscal Year 2015 Revenue Proposals (commonly known as the “Green Book”). Although the Green Book does not include proposed statutory language, the Green Book contains significant detail about the fiscal year 2015 revenue proposals. Many of these proposals were made previously by the Administration but were not enacted into law.