On May 6, the Joint Committee on Taxation (JCT) released its report, Report to the House Committee on Ways and Means on the Present Law and Suggestions for Reform Submitted to the Tax Working Groups. The report compiled comments to the eleven House Ways and Means Committee tax working groups; it also contained additional material from ongoing tax reform efforts. The report summarized current law and listed broad-based recommendations for reform. Suggestions included extending or repealing the production tax credit (PTC) as well as extending, repealing, or modifying the eligibility requirements for the investment tax credit (ITC). The Ways and Means Committee will meet privately on May 8 and 17 to examine the working group issues. Attached is the JCT’s report to the House Ways and Means Committee.