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WASHINGTON - The US Senate’s draft budget reconciliation bill includes provisions that would increase the statutory tax rate on litigation finance transactions, according to a statement released Tuesday by Burford Capital Limited.
The Senate’s proposed tax provisions, spanning 549 pages within a bill exceeding 1,000 pages, differ significantly from the House of Representatives’ version, which makes no reference to litigation finance. Burford Capital, a finance firm focused on law, stated that the Senate provision’s language lacks sufficient precision to assess its potential impact if enacted.
The company noted that if the Senate bill passes in its current form, it would require extensive negotiation with the House version through a conference process before both chambers vote again on a revised bill.
"Given that the House and Senate bills are very different... each step of the process involves political uncertainty about the contents of the final bill, if any," Burford Capital said in its press release statement.
The budget reconciliation process, nicknamed "the One Big Beautiful Bill," remains in flux with narrow margins associated with its ultimate passage. The House has already passed its version of the bill.
Burford Capital described commercial legal finance as a mechanism that "levels the playing field for businesses, providing capital to pursue meritorious claims" and expressed concern that making litigation financing more expensive could impede business growth and innovation.
The company indicated it would be premature to predict any particular outcome as the legislative process continues.
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