The House and Senate have both unanimously passed major tax relief legislation in the last two months and a Conference Committee has been appointed to resolve differences. While both bills share many major elements, the bills differ in scope, implementation schedules, and individual components. The timely resolution of these differences is critical; not only to put in place tax relief after eighteen months of discussion, but also to finalize a balanced fiscal year 2024 budget.
This Bulletin summarizes the similarities and differences between the two bills, highlights key considerations for policymakers, and makes recommendations for the final bill. It also demonstrates that a comprehensive tax relief proposal – inclusive of House and Senate proposals– can be implemented with an FY 2024 budget cost of approximately $600 million and an ongoing impact of $1 billion.