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Speaker Johnson Kicks Off Discussions for Reconciliation 2.0: House Republicans are laying the groundwork for a second reconciliation bill this fall that aims in part to revive key provisions excluded from the One, Big, Beautiful Bill Act (OBBBA, Public Law 119-21) due to Senate budget rules. Speaker Mike Johnson (R-LA) said the forthcoming bill will be smaller in scope but still focused on core priorities such as reducing federal spending and enhancing government efficiency. Republicans plan to redraft previously included provisions to comply with the Senate’s Byrd Rule and are working with several key committees to address issues in their jurisdictions. Looking ahead, they hope the fall package will serve as a vehicle to complete unfinished policy goals from the first reconciliation bill.
Future Bipartisan Tax Bill Could Include Offsets: Lawmakers on both sides of the aisle are considering whether a bipartisan tax extender bill this year should include offsets, a departure from the longstanding practice of renewing temporary tax provisions without addressing their budgetary impact. Reps. Lloyd Smucker (R-PA) and Blake Moore (R-UT) and Sen. Ron Johnson (R-WI) have voiced support for requiring offsets, reflecting growing concern about budget deficits and the national debt. Key factors will include the provisions under consideration and their projected costs, although House Ways and Means Ranking Member Richard Neal (D-MA) noted that discussions with Senate Republicans on a bipartisan package have so far been minimal.
House FY2026 Commerce, Justice, Science Appropriations Subcommittee Bill Would Officially Abolish DOJ Tax Division: On July 15, the House Appropriations Commerce, Justice, Science (CJS) Subcommittee advanced its fiscal year 2026 appropriations bill, which includes a provision to eliminate the Justice Department’s Tax Division. The bill would reduce funding for general legal activities to $897 million and remove the Tax Division as a distinct line item—mirroring the Justice Department’s budget request to reassign its staff to the civil and criminal divisions. This approach is in contrast with the Senate version, which maintains the division’s funding.
Rep. Miller Releases Details on Effort to Modernize Digital Asset Tax: Rep. Max Miller (R-OH) is preparing to introduce legislation to modernize the tax treatment of digital assets. The forthcoming bill includes provisions such as a de minimis exemption for small crypto transactions, updates to wash-sale rules, and optional mark-to-market accounting for crypto holdings. It also clarifies the tax treatment of mining, staking, airdrops, hard forks and crypto lending—all unique concepts to crypto transactions that have raised issues under existing tax rules. The bill is also expected to allow digital assets to be held in retirement plans. Rep. Miller is currently asking for industry input and views the bill as part of a broader push to strengthen U.S. leadership in next-generation technologies.
Fall Tax Policy Shake-Up Could Impact Your Family Office. Speaker Johnson’s Reconciliation 2.0 plan revives key tax provisions, find out what it means for your family office and successful families in our latest briefing. Click Here.
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