Tax Bill Draft Released

The House Ways and Means Committee has released its tax bill. This bill makes the 2017 tax rate reductions permanent. It increases the 199A pass-through deduction for business entities, like S-Corporations and LLCs, from 20 percent to 23 percent. This proposal also includes bonus depreciation and interest deductibility. The ethanol industry is praising the bill for including an extension of the 45Z clean fuel production tax credit. House Speaker Mike Johnson wants the tax bill passed by Memorial Day.