Tax News Update    Email this document    Print this document  

January 13, 2021
2021-0077

Budget reconciliation basics

Budget reconciliation is a process that permits legislation impacting revenues and spending to pass the Senate with 51 votes rather than the 60-vote filibuster threshold for most other legislation, thus avoiding numerous procedural hurdles that can slow or derail controversial legislation in the Senate. Since 2001, however, when Congressional Republicans sought to move the Bush tax cuts through Congress using the reconciliation mechanism, the process has been looked to for policy changes other than deficit reduction initiatives when the White House, House and Senate are all in the control of one party.

This publication from Washington Council Ernst & Young, and attached below, provides additional details.

———————————————
ATTACHMENT

Budget reconciliation basics

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement