US House could vote on new tax bill before October 1: panel chairman
FILE PHOTO: Chairman of the House Ways and Means Committee Kevin Brady (R-TX) listens to testimony before the committee on tax reform on Capitol Hill in Washington, U.S., May 23, 2017. REUTERS/Joshua Roberts

The chairman of the U.S. House of Representatives committee charged with drafting the next chapter of tax legislation, informally called “tax reform 2.0,” said on Thursday that he would release a draft of the bill next week and expects a full chamber vote on it by Oct. 1.

“We expect to go to a markup next week on 2.0 and we’ll be releasing the text before that,” Ways and Means Committee Chairman Kevin Brady told reporters. “We expect that to come to the House floor before September is out.” 

During a “markup,” a committee puts the finishing touches on a bill and approves sending it to the full House to consider.

Brady said the committee has been working closely with President Donald Trump and administration officials on the legislation. He was due to discuss the plan with fellow House Republicans later on Thursday.

As they approach the Nov. 6 congressional mid-term elections, Republican lawmakers are eager to push forward on the legislation, intended to make permanent tax cuts for individuals and most business owners and build on last year’s tax overhaul.

Reporting by David Morgan; Writing by Lisa Lambert; Editing by David Gregorio and Chizu Nomiyama