Tuesday, November 29, 2022

IRS reporting issue not part of initial budget framework

The Biden Administration and House leaders released the framework and legislative text of the Build Back Better plan in late October, and the package does not contain any language on the tax information reporting proposal opposed by the ABA, OBA and other state bankers associations.

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.