On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY 2014 tax proposals. This alert summarizes the major proposals in the Green Book, along with key takeaways and reactions to those proposals. This alert then outlines the Administration’s tax proposals using the same organization and titles as used in the Green Book.
Major Proposals -
Many of the proposals included in the FY 2014 budget are either the same or modified versions of proposals included in the Administration’s FY 2013 budget. However, the budget includes nearly 50 new proposals, including:
- Extending employment tax credits for hiring veterans;
- Requiring derivatives contracts to be marked to market and taxed as ordinary income on an annual basis;
- Repealing the domestic manufacturing deduction for oil and natural gas production;
- Establishing multiple incentives for investment in infrastructure, including “America Fast Forward” Bonds and increasing caps on other bonds;
- Taxing carried interest as ordinary income;
- Returning the estate tax to 2009 levels, modifying the recent estate tax exclusions and rates signed into law earlier this year under the American Taxpayer Relief Act;
- Prohibiting individuals from accumulating more than $3 million in tax-preferred retirement accounts; and
- Capping the benefit of certain deductions (such as a charitable contribution deduction) to 28 percent for taxpayers at or above the 33% marginal tax rate.
Please see full alert below for more information.
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