Rep. Steven Horsford, D–Nev., is anticipated to fill the vacant seat on the Ways and Means committee following the passing of Rep. Bill Pascrell, D–N.J., last month. Horsford, who previously served on the committee for two terms from 2019 – 2023, currently holds a seat on the House Financial Services Committee. In order to officially join the Ways and Means Committee, Horsford will need to be nominated by his party’s Steering and Policy Committee and approved by the caucus.
Throughout his tenure, Horsford has been a strong advocate for various initiatives, including the Infrastructure Investment and Jobs Act, which allocated $4 billion to Nevada for infrastructure improvements. Additionally, he has been vocal in supporting energy-related projects, advocating for tax credits to enhance energy grid systems. His prior experience in state government positions him well to understand the significance of tax-exempt municipal bonds for communities in Nevada and beyond.
As Horsford gears up for re-election in Nevada’s fourth district, recent polls indicate strong support for his candidacy. Despite facing a formidable opponent in former Las Vegas Mayor John Lee, who has secured endorsements from former President Trump and Nevada’s Republican Governor, Joe Lombardo, Horsford is poised to retain his seat. Since his initial election in 2013, Horsford has made history as the first Black lawmaker to represent Nevada and has demonstrated his leadership as the Chair of the Congressional Black Caucus.
The Ways and Means Committee plays a pivotal role in shaping tax policies, especially in light of provisions from the Tax Cuts and Jobs Act set to expire in 2025. The future of the TCJA, including potential extensions and modifications, remains uncertain, with former President Trump advocating for its permanence and further corporate tax rate reductions. Notably, the TCJA imposed a $10,000 cap on state and local tax deductions, impacting bond issuers’ ability to levy future taxes. Moreover, the elimination of advance refunding of tax-exempt bonds under the TCJA continues to be a point of contention within the municipal bond market.
The post-election makeup of the Ways and Means Committee will undoubtedly influence the future trajectory of tax policies. In the event that the Democrats regain control of the House, Ranking Member Richard Neal D–Mass., is poised to assume the chairmanship. Conversely, if the Republicans maintain the majority, Chair Jason Smith is expected to retain his leadership role. The recent passing of Rep. Pascrell adds a layer of uncertainty to the committee’s future, raising questions about the impact of losing a seasoned member on tax-writing deliberations.
Rep. Steven Horsford’s potential appointment to the Ways and Means Committee signifies a pivotal moment in shaping tax policies and infrastructure investments. As the political landscape continues to evolve, stakeholders will closely monitor the committee’s proceedings and the outcomes of key legislative decisions. Additionally, the interplay between party dynamics and external factors will further underscore the significance of Rep. Horsford’s role in navigating complex policy debates within the committee.