Lawmakers released the text for the $1.7 trillion fiscal year 2023 omnibus appropriations bill.

The package contains 12 separate appropriations bills providing a total of $772.5 billion in nondefense spending—a $42.5 billion increase in topline funding. House and Senate lawmakers are expected to begin procedural votes on the bill as early as today. Final passage is expected before the Dec. 23 deadline to avoid a government shutdown.

Though lawmakers on both sides of the aisle had expressed support for a broad range of tax objectives, a deal could not be reached on any of these items. These failed objectives include extensions to expiring Tax Cuts and Jobs Act (TCJA) business credits, as well as an expansion of the current Child Tax Credit (CTC). This tax extenders effort reportedly failed earlier this week after House Ways and Means Chair Richard Neal (D-MA) rejected an offer from Ranking Member Kevin Brady (R-TX) that would have extended several TCJA provisions in exchange for an expansion to the Low-Income Housing Tax Credit (LIHTC). Additional tax measures were left out, including the extension of the following pandemic-related proposals: (1) an elective deferral of last in, first out (LIFO) accounting provisions, (2) deferral of cancellation of debt income and (3) deferral of built-in gains income.

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