Federal Budget

News & Analysis as of

Budget amendment introduced to change CFPB appropriations

Another Republican CFPB effort to subject the CFPB to the congressional appropriations policy took the form of an amendment to the Senate’s 2015 Budget Resolution introduced last week by Senator David Perdue. Earlier in...more

Tax Policy Update

NUMBER OF THE WEEK: $900 billion. The amount of additional taxes that would fall on businesses and families under Republicans’ budget plans, according to a “fact check” by the Associated Press in a story with a title made of...more

UK budget 2015

Earlier today the UK government delivered its last budget before the UK general election in May. Many of the measures were, as one might expect so close to an election, focused on personal rather than corporate taxation....more

Washington Update: Part II - FY 2016 Federal Budget: What You Need to Know

Both the House and Senate Budget Committees last week introduced and marked up initial drafts of their respective budget resolutions for fiscal year 2016. Each year Congress decides - or is supposed to decide - how much to...more

Washington Update: Part I - A Primer on the Federal Budget Process: What it is and Why it is Important

Congress decides how much to spend each year and on what programs, and how to raise the money to pay for that spending. The Congressional Budget Act of 1974 lays out a formal framework for developing and enforcing a budget...more

OSHA Requests $39 Million in Additional Funding for 2016

According to the 2016 Fiscal Year budget proposals in the Department of Labor, the Occupational Safety and Health Administration (OSHA) has requested an additional $39 million of funding for next year. The funding would help...more

Ship on course but choppy waters abound! UK Budget 2015: 10 key measures impacting business

Before the Budget was announced, there was natural apprehension that, given the impending general election, the Chancellor would pander to the electorate and sail off course from this Government’s carefully navigated path...more

NNI Publishes Supplement to President's 2016 Budget

The National Nanotechnology Initiative (NNI) published on March 11, 2015, its supplement to the President’s 2016 budget submitted to Congress. NNI states that the supplement serves as the NNI annual report....more

Trade & Manufacturing - March 2015

In This Issue: - Foreign Currency Manipulation Front and Center in U.S. Trade Talks - United States Challenges Chinese Export Subsidies at the WTO - Executive Branch Launches Plan to Combat Wildlife...more

Trade & Manufacturing - News of Note - March 2015

Customs and Border Protection Issues Update on Enforcement of Trade Orders - U.S. Customs and Border Protection (CBP) released its second AD/CVD Update in late January. As explained in the January 2015 edition of the...more

RFS Hearing And Legislation

On February 25, 2015, the U.S. House of Representatives' Committee on Energy and Commerce's Subcommittees on Energy and Power and Environment and the Economy held a joint hearing on "The Fiscal Year 2016 EPA Budget." ...more

New Plant Shutdown Rules for Defined Benefit Retirement Plans

The 2015 omnibus appropriations bill (the "Omnibus Bill"), signed by President Obama on December 16, 2014, made significant changes to the "substantial cessation of operations" rules (also known as the "plant shutdown" rules)...more

Be Wary of Estate Tax Provisions in the Proposed Fiscal Year 2016 Budget

It's time to call your estate and financial planners - new tax provisions in the proposed FY 2016 budget once again show the specter of potentially brutal taxes at death for the moderately wealthy....more

Obama Administration's 2016 Budget Proposal

You may have seen references to President Obama's 2016 budget proposals and how they might affect your gifting and estate planning opportunities. Given that Congressional Republicans, who now control both the House and the...more

Department of Homeland Security Shutdown 2015: The Effect on Immigration Services

The Senate remains at a stalemate over funding of the Department of Homeland Security (“DHS”), with funding running out on Friday, February 27. A full budget was passed for the rest of the US government in December. However,...more

Budget Woes Continue to Hit IRS

Earlier this week, IRS Commissioner Koskinen delivered a speech that discussed the challenges that the IRS continues to face as a result of budget reductions. IRS staffing is already down 13,000 full time employees since...more

The President’s FY2016 Federal Budget Request: Programs Relevant to Tribal Energy Development

The White House transmitted its Fiscal Year 2016 Budget Request to Congress on February 2, 2015. Overall, the budget includes over $7.4 billion in funding for clean energy technology programs across the federal agencies. ...more

PCAOB Update: 2015 Budget and Broker-Dealer Audits

On Feb. 4, 2015, Public Company Accounting Oversight Board (PCAOB) Chairman James R. Doty provided an update on the Board’s 2015 budget at the Securities and Exchange Commission’s (SEC’s) Open Meeting in Washington, D.C. Even...more

White House Budget Proposal Includes Many Retirement-Related Provisions

On February 2, 2015, the White House released its Fiscal Year 2016 Budget, which includes a number of tax code changes targeting retirement savings. If enacted as presented, the proposals would have a significant effect on...more

USDA Releases 2016 Budget Request, Continues To Support Rural Renewable Energy

The U.S. Department of Agriculture (USDA) released its fiscal year 2016 budget request on February 2, 2015. The proposed budget is $156 billion total, with $6 billion going directly to loans that will encourage cleaner fossil...more

DOE Increases Funding For Clean And Renewable Energy In 2016 Budget Request

On February 2, 2015, the White House released the 2016 fiscal year budget request for the U.S. Department of Energy (DOE). Under this proposed plan, DOE would receive $29.9 billion, an increase of $2.6 billion from the 2015...more

Key Energy-Related Tax Provisions in the 2016 Budget Proposal

In This Issue: - Modify and Permanently Extend the Production Tax Credit - Enhance and Make Permanent the Research and Experimentation Tax Credit - Provide Carbon Dioxide Investment and Sequestration Tax...more

Locke Lord QuickStudy: February 2015 Update on Federal Budget Sequestration Affecting Build America Bonds and Other Direct Pay...

As we have noted in previous client advisories, under current law, direct pay bond subsidy payments are subject to federal budgetary sequestration through fiscal year 2024. On February 2, 2015, the Office of Management and...more

What Does President Obama's $215 Million "Precision Medicine Initiative" Mean for Genetic Privacy?

We have all heard about the burgeoning opportunities tied to the development of precision medicine (also called “personalized medicine”), which includes the use of an individual’s genetic information to design targeted...more

Government, Businesses Prioritize Cybersecurity Spending

If spending is a good indicator of shifting priorities for both business and government, then cybersecurity is quickly becoming priority number one. Last week, the White House announced a proposed 10 percent increase...more

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