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
Democrats have promised a revamp of the current international tax system to ensure that large multinational corporations pay their “fair share,” stop offshoring jobs, and are incentivized to invest in domestic growth. The...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
On April 7, 2021, the Treasury Department released a report, the Made in America Tax Plan, which describes the proposed changes to corporate and international law that President Biden outlined in his infrastructure package,...more
On April 5, Senate Finance Committee Chair Ron Wyden (D-OR), as well as Sens. Sherrod Brown (D-OH) and Mark Warner (D-VA), offered an international tax framework as a starting point to discussions on revamping the current...more
On March 16, the House passed 415-13 H.R. 1799, the PPP Extension Act of 2021. The bill would extend the Paycheck Protection Program (PPP) loan application deadline to May 31 from March 31 and give the Small Business...more
3/19/2021
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
With the Paycheck Protection Program (PPP) set to expire on March 31, lawmakers have struck a deal to extend the program for two months through the end of May. Leaders of the House Small Business Committee, Chair Nydia...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 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
On Dec. 20, the House and Senate passed H.R. 133, The Consolidated Appropriations Act of 2021. The bill includes a $900 comprehensive package to provide COVID-19 relief to businesses and individuals, including a second round...more
Last week, the Small Business Administration (SBA) began asking SBA Paycheck Protection Program (PPP) lenders to issue over 50,000 loan necessity questionnaires to borrowers that received $2 million or more in funds from the...more
Earlier today, House Ways and Means Committee Chair Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020. The bill, which expands on the bipartisan Setting Every...more
With Election Day barely a month away, Brownstein’s National Tax Policy Team has compiled an analysis on the policy implications of various outcomes. The slides found here outlines tax-related legislative priorities in the...more
Earlier this evening, the House passed the Continuing Appropriations Act, 2021 and Other Extensions Act (H.R.8337) with broad bipartisan support 359-57, extending current federal funding levels through Dec. 11, 2020. ...more
A Democratic Sweep: This PowerPoint deck outlines Democratic legislative priorities in the event Democrats take control of the House, Senate and the White House. Though the deck focuses on tax aspects of various issue areas,...more
The election is fewer than 50 days away and the polls show a strong possibility of a shift in partisan power dynamics in Washington, D.C., come 2021. Brownstein Hyatt Farber Schreck’s Government Relations practice has put...more
This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...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
What to Expect—the Next Economic Recovery Package -
Hear Ye, Here Ye! On Saturday, President Trump took executive action to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment...more
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