The Treasury Department and the Internal Revenue Service (IRS) released IRS Notice 2023-38 (Notice) on May 12, 2023, providing interim guidance on domestic-content requirements under the Inflation Reduction Act (IRA). The...more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
Comments on the Federal Trade Commission’s proposed noncompete clause rulemaking will now be accepted until April 19. The FTC voted 4-0 yesterday to extend the public comment window by roughly 30 days; it was initially set to...more
The Federal Trade Commission (FTC) announced it will host a public forum on Thursday, Feb. 16 to examine the FTC’s Notice of Proposed Rulemaking (Proposed Rule) to prohibit businesses from imposing noncompetes on their...more
The Senate Finance Committee released its draft tax provisions on Dec. 11 for the Build Back Better Act (BBBA). This draft is substantively similar to the House version that passed on Nov. 19, although Senate Democrats made...more
On Nov. 3, the House Rules Committee released updated text for the Build Back Better Act, the budget reconciliation bill, which contains President Joe Biden’s human infrastructure and green energy priorities. This latest...more
On Monday, Sept. 13, House Ways and Means Committee Chair Richard Neal (D-MA) introduced the final portion of the committee’s budget reconciliation recommendations. This alert provides a comprehensive summary and analysis of...more
WHAT TO WATCH THIS WEEK -
- Republican Counterproposal. Senate Republicans are crafting a counter-proposal as an alternative to President Joe Biden’s American Jobs Plan (AJP). The package is expected to cost around $600 to...more
5/5/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Department of Transportation (DOT) ,
Federal Budget ,
Infrastructure ,
New Legislation ,
Popular ,
Relief Measures ,
Tax Credits
Congress recently voted on a $1.9 trillion COVID-19 stimulus package—the American Rescue Plan Act (ARPA, P.L.117-2). It includes stimulus checks for individuals, expanded unemployment benefits, and funding for vaccines, state...more
WHAT TO WATCH THIS WEEK -
- White House Selling AJP. As the administration seeks to gain bipartisan support for its American Jobs Plan (AJP), President Joe Biden will be holding a series of meetings with lawmakers to discuss...more
5/5/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Department of Transportation (DOT) ,
Federal Budget ,
Infrastructure ,
New Legislation ,
Popular ,
Relief Measures ,
Tax Credits
There already has been a lot of discussion about the elements anticipated to be part of President Joe Biden’s American Family Plan, including some of the tax increases being considered to pay for the proposed “human...more
WHAT TO WATCH THIS WEEK -
- Administration Proposal. President Joe Biden will travel to Pittsburgh, Pennsylvania, on March 31, where he will unveil the contours of the infrastructure package. Biden Preliminary Budget...more
Note: Congress recently voted on a $1.9 trillion COVID-19 stimulus package—the American Rescue Plan Act (ARPA, P.L.117-2). It includes stimulus checks for individuals, expanded unemployment benefits, and funding for vaccines,...more
4/14/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
Carbon Taxes ,
Clean Energy ,
Coronavirus/COVID-19 ,
Energy Storage ,
Federal Budget ,
Popular ,
Relief Measures ,
Tax Credits ,
Wind Farm
Earlier today, during a speech in Pittsburgh, Pennsylvania, President Joe Biden unveiled the American Jobs Plan—the first part of a two-tranche strategy modeled after the post-Depression-era New Deal program to spur economic...more
On March 1, the Internal Revenue Service (IRS) issued Notice 2021-20, which provides updated guidance on the Employee Retention Tax Credit (ERTC) as it applies before Jan. 1, 2021. The ERTC was first enacted on March 27,...more
On Feb. 8, House Ways and Means Committee Chair Richard Neal (D-MA) released text representing its portion of Democrats’ $1.9 trillion COVID-19 stimulus legislation, modeled after President Joe Biden’s American Rescue Plan....more
On Jan. 25, the Senate voted overwhelmingly to confirm President Joe Biden’s nomination of Janet Yellen to be the 78th treasury secretary. Yellen is the first woman to hold the position and she will be responsible for...more
On Dec. 20, 2020, the House and Senate passed H.R. 133, the Consolidated Appropriations Act of 2021 (“CAA”), which includes a significant expansion of the Employee Retention Tax Credit (“ERTC”) through June 30.
The ERTC...more
This evening, the Treasury Department and the Internal Revenue Service (IRS) issued guidance (Notice 2020-65) implementing President Trump’s Aug. 8, 2020 presidential memorandum allowing the deferral of withholding, deposit...more
9/1/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Infectious Diseases ,
Moratorium ,
Payroll Taxes ,
Popular ,
Relief Measures ,
Social Security ,
Student Loans ,
Tax Deferral ,
Trump Administration ,
Unemployment Benefits
On Saturday, Aug. 8, 2020, President Donald Trump signed four executive orders (EO) to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment benefits, extend the federal moratorium on...more
8/12/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Infectious Diseases ,
Moratorium ,
Payroll Taxes ,
Relief Measures ,
Social Security ,
Student Loans ,
Tax Deferral ,
Trump Administration ,
Unemployment Benefits
The July 27, 2020, Senate draft of the Health, Economic Assistance, Liability Protection and Schools (“HEALS”) Act provides a tax credit for employers who incur certain expenses in response to COVID-19. Referred to as the...more
On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released the Health, Economic Assistance, Liability and Schools (HEALS) Act—a $1 trillion stimulus package in response to the ongoing effects of the COVID-19...more
On June 22, House Democrats released the text of H.R. 2, the Moving Forward Act, a $1.5 trillion comprehensive infrastructure package. In addition to funding traditional infrastructure priorities—surface transportation, rail...more
On May 12, House Democrats unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act. Democratic leadership intends to bring the legislation to the floor for a vote on Friday. The bill is the...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more