At a meeting earlier this month, the committee agreed to schedule a legislative fly-in this spring to influence Congress on the need to address the tax treatment of private companies and raise awareness of FEI as the voice in Washington for financial executives. Committee members will meet face-to-face with representatives, senators and their staff involved in tax legislation on Capitol Hill.
The committee reaffirmed that tax code reform will be its priority in 2016. The committee, under the direction of Chairperson Ann Kaesermann of Hilcorp Energy, unanimously agreed that fairer treatment of how pass-through entities are taxed will be a primary focus of the group this year.
While both the Speaker of the House Paul Ryan (R-WI) and House Ways & Means Committee Chairman Kevin Brady (R-TX) have indicated comprehensive tax reform legislation will not be considered until after this year’s presidential election, the Committee on Private Company Policy agreed that it should focus its efforts in 2016 on educating members of Congress and staff about the need for more equitable treatment of private companies with regard to how they are taxed.
The committee also determined that as it will make tax issues its main focus this year, FEI’s Private Companies for Tax Reform Coalition (PCTF) should be disbanded to avoid duplication of effort. PCTF members were consulted and agreed with the decision. The committee noted the coalition could be reestablished in the future if necessary.
The Committee on Private Company Policy will be very active on tax policy and other legislative and regulatory issues of concern to private companies, and expects to meet regularly throughout the year. FEI private company members are encouraged to get involved and should contact Brian Cove at [email protected] for more information.