Same-Sex Marriage Ruling to Impact Tax Code

Weeks later, some celebrations are just coming to a close in response to the monumental Supreme Court ruling on same-sex marriage last month. Wedding planners are not the only ones who will be working overtime as couples line up at churches and courthouses across the country to swear their vows.

Changing the law is not as simple as making a ruling. Lawmakers will be putting in extra hours as well as they attempt to reform existing laws in an attempt to change the language to encompass and protect same-sex marriage. The tax code is no exception to this, and has come under scrutiny from Representative Sander Levin, a Democrat from Michigan.

Last Thursday, Representative Levin introduced a bill in the House of Representatives, alongside a companion bill in the Senate put forth by Senator Ron Wyden of Oregon earlier in the week, that would revise the current tax code to be in line with the Supreme Court’s decision.

Both bills passing would be a substantial step towards revising the tax code to a gender neutral standard that would include same sex couples.

“As the Supreme Court recently ruled in favor of marriage equality,” said Levin, “my bill would effectuate this equality to all married couples under our country’s tax code, providing them with the fairness, dignity, and basic rights we all deserve.”

Levin and his compatriots in the Democratic party, including House Democratic Leader Nancy Pelosi and Democratic Whip Steny Hoyer, are making great strides with this bill already, and Levin has not stopped there. He co-sponsored legislation last week that would update the rest of the U.S. Tax Code.

Accountants across the country would do well to keep an eye on Congress over the next few weeks, and take note of how their actions will impact the U.S. Tax Code and the financial world as a whole.