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Corporate Taxes Proposed Legislation

Walkers

15% Global Minimum Tax Rate: Draft Legislation lodged in Jersey

Walkers on

Following Jersey's intention to implement the OECD proposals for a 15% global minimum tax rate (known as "Pillar 2") in May 2024, draft legislation has now been lodged introducing a new standalone Multinational Corporate...more

Goodwin

New Tax Measures Designed to Reinforce Luxembourg’s Attractiveness

Goodwin on

On 17 July 2024, the Luxembourg government introduced, under new Bill n° 8414, a comprehensive legislative package meant to modernise and enhance Luxembourg’s tax system. ...more

Bennett Jones LLP

Employee Ownership Trusts—Improved Tax Incentives Announced

Bennett Jones LLP on

The Canadian Department of Finance introduced draft legislation in the 2023 Canadian Federal Budget (Budget 2023) to create employee ownership trusts (EOTs) to facilitate the transfer of a business to the employees of the...more

McDermott Will & Emery

Weekly IRS Roundup October 30 – November 3, 2023

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023. ...more

McDermott Will & Emery

Weekly IRS Roundup September 11 – September 15, 2023

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 11, 2023 – September 15, 2023...more

Pillsbury Winthrop Shaw Pittman LLP

Overview of the Impact of the 88th Legislative Session on the Oil, Gas and Renewables Industries in Texas

The 88th regular session of the Texas Legislature saw an unusually high number of proposed bills with a stated focus of ensuring reliability of the Texas grid and favoring “dispatchable generation” (having output within human...more

Brownstein Hyatt Farber Schreck

House Republicans Introduce Expansive Tax-Reform Package: The American Families and Jobs Act

House Ways and Means Committee Chairman Jason Smith (R-MO) unveiled committee Republicans’ economic-growth package on June 9, introducing three individual bills that encompass tax provisions relevant to a broad cross-section...more

Eversheds Sutherland (US) LLP

Proposed Georgia legislation attempts to deny Jobs Tax Credits earned in prior years

In 2021, the Georgia Tax Tribunal ruled that a non-profit hospital was entitled to use Quality Jobs Tax Credits (QJTC) against its unrelated business income tax and its payroll withholding tax. Floyd Healthcare Mgmt., Inc. v....more

Brownstein Hyatt Farber Schreck

Summary of Danny Werfel Nomination Hearing

On Wednesday, Feb. 15, the Senate Committee on Finance held a hearing to consider the nomination of Daniel Werfel to be commissioner of the Internal Revenue Service (IRS). Werfel testified before the committee on the agency’s...more

McDermott Will & Emery

Weekly IRS Roundup January 30 – February 3, 2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023...more

Eversheds Sutherland (US) LLP

New York Governor releases Fiscal Year 2024 Executive Budget

On February 1, 2023, New York Governor Kathy Hochul released her Fiscal Year 2024 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes several tax rate adjustments and technical fixes to...more

Brownstein Hyatt Farber Schreck

Ways and Means Chair Jason Smith’s Potential Legislative Agenda

Following two rounds of votes, the House Republican Steering Committee elected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Smith has served on the committee...more

Brownstein Hyatt Farber Schreck

Jason Smith to Chair House Ways and Means Committee

Earlier today, the Republican House Steering Committee selected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Jason Smith ultimately defeated fellow Republican...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Dec. 6, 2022

Legislative Lowdown - Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more

Stoel Rives - Mineral Law

Tax Actions by the Alaska Legislature in 2022

In my most recent column for State Tax Notes, I look at several bills that did and didn’t pass in the latest session of the Alaska State Legislature, which adjourned in May, and at what may be on the horizon....more

Brownstein Hyatt Farber Schreck

Taxation & Representation, Sept. 27, 2022

LEGISLATIVE LOWDOWN - Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, September 20, 2022

Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more

Proskauer - Tax Talks

Senate Democrats Reach Agreement to Pass Inflation Reduction Act

Proskauer - Tax Talks on

On August 7, the Senate passed the Inflation Reduction Act of 2022 (the “IRA”). The tax provisions in the bill that was passed vary from the bill that was originally released on July 27, 2022 by Senator Joe Manchin (D-W.Va.)...more

McDermott Will & Emery

The Inflation Reduction Act: Overview of New Corporate Minimum Tax

McDermott Will & Emery on

On August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (the Act), a budget reconciliation bill recently introduced by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV). The bill...more

Dechert LLP

Another Stab at Carried Interests Under the Inflation Reduction Act of 2022

Dechert LLP on

On July 27, 2022, Senator Joe Manchin III (D-W.Va.) and Majority Leader Charles E. Schumer (D-N.Y.) introduced legislation entitled the “Inflation Reduction Act of 2022” (the “Reconciliation Bill”). The Reconciliation Bill is...more

Eversheds Sutherland (US) LLP

Back from the dead: Corporate minimum tax resurfaces at eleventh hour in Inflation Reduction Act of 2022

On July 27, 2022, the Senate announced agreement on a reconciliation package entitled the Inflation Reduction Act of 2022 (the IRA), the artist formerly known as the Build Back Better Act (the BBBA). Although months ago the...more

Pillsbury Winthrop Shaw Pittman LLP

Senate Democrats Announce Breakthrough Bill on Energy, Climate, Tax Reform and Prescription Drug Pricing

The Inflation Reduction Act of 2022 would constitute a historic investment in the U.S. clean energy industry. If passed, the bill would be the biggest and most significant climate and energy bill ever passed by Congress....more

Mayer Brown

Manchin’s BBB Redux-tion Act – The Inflation Reduction Act of 2022

Mayer Brown on

This week, after weeks of negotiations, Senators Manchin and Schumer reached a deal on an energy and healthcare bill titled the Inflation Reduction Act of 2022 (the “Act”).  The Act includes extensive provisions relating to a...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, June 22, 2022

Build Back Better Outlook. Congressional Democrats are still hoping they can pass some version of the Build Back Better Act (BBBA), the budget reconciliation vehicle to advance some of President Joe Biden’s legislative...more

Brownstein Hyatt Farber Schreck

Tax & Financial Services Week Ahead, June 6 2022

The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more

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