Document Outlines Potential Senate Finance Offsets For Tax Overhaul

Proposals to pay for the tax legislation could impact a wide range of industries.

Senate Finance Chairman Orrin G. Hatch, R-Utah, left, speaks with Senate Majority Leader Mitch McConnell, R-Ky., are preparing to unveil a tax overhaul bill after the House introduces its version. (Bill Clark/CQ Roll Call file photo)
Senate Finance Chairman Orrin G. Hatch, R-Utah, left, speaks with Senate Majority Leader Mitch McConnell, R-Ky., are preparing to unveil a tax overhaul bill after the House introduces its version. (Bill Clark/CQ Roll Call file photo)
Posted November 1, 2017 at 12:30pm

The Senate Finance Committee is considering a number of ways to pay for the pending tax overhaul that would affect insurance companies, tax exempt organizations and businesses that deduct entertainment and transportation expenses, among others, according to a document circulating among lobbyists and obtained by Roll Call.

Julia Lawless, a spokeswoman for the Finance panel, declined to comment on the authenticity of the document.

“The Senate Finance Committee is busy working on tax reform for American families and job creators. It does not have time to focus on ‘lists’ floating around K street. And, at the end of the day the only document that matters is the Chairman’s mark,” she said in an emailed response to inquiries.

Among the offsets the panel is said to be weighing is removing the tax-exempt status for professional sports organizations. The removal would be noteworthy given President Donald Trump’s ongoing feud with the National Football League.

Another proposal rumored to be under consideration would add a 2 percent excise tax on private colleges and universities with assets over $100,000 for each full-time student.

Others listed in the document include: prohibiting businesses from filing deductions for for entertainment expenses; removing deductions for “employee transportation fringe benefits,” which could include parking or mass transit; and extending the time period that insurers have to amortize any policy acquisition expenses, like commissions.

The Senate is aiming to introduce its own version of the tax legislation as early as next week, Senate Majority Leader Mitch McConnell, R-Ky., said on Tuesday.