Wednesday, May 22, 2024

Budget reconciliation package does not initially contain IRS reporting provision

The American Bankers Association reported today the Biden Administration and House leaders released the framework and legislative text of the Build Back Better plan.

We are pleased to report after reviewing the package it does not contain any language on the ABA, state bankers association, banker and consumer-opposed tax information reporting proposal.

Please note, however, the release of the framework and text is only a part of the process. Members will continue to work on the draft legislative language to accompany the plan and there will be opportunities to amend the language, particularly as it moves through the Senate, and add the tax information reporting proposal..

The OBA, along with the ABA and our fellow state bankers associations, will keep a diligent eye on the bill and for the appearance of any such language.