LEGISLATIVE LOWDOWN -
Recess Recap: What happened over the last month in the world of tax?
Congress Considers Options to Delay Impending Shutdown. With Congress unable to reach a consensus on appropriations bills for...more
10/24/2022
/ Biden Administration ,
Corporate Taxes ,
Data Security ,
Department of Homeland Security (DHS) ,
Federal Budget ,
Government Shutdown ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
Student Loans ,
Tax Planning
RECONCILIATION UPDATE -
The Senate voted to pass the $750 billion Inflation Reduction Act (IRA) on Aug. 7, concluding a marathon session that began the night before. Passage of the bill in the Senate all but ensures a...more
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
9/29/2022
/ China ,
Corporate Taxes ,
Energy Tax Incentives ,
Financial Services Committee ,
Hydrogen Power ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Life Insurance ,
New Legislation ,
Proposed Legislation ,
Senate Banking Committee ,
Senate Finance Committee ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
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
9/21/2022
/ Child Tax Credit ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Legislative Agendas ,
New Legislation ,
Pending Legislation ,
Proposed Legislation ,
Tax Liability ,
Tax Planning ,
Tax Reform
This document summarizes the tax provisions included in the Inflation Reduction Act (IRA) of 2022 that passed the Senate on Aug. 7, 2022. Modifications made to the bill by floor amendment are bolded and highlighted in blue....more
This document summarizes the tax provisions of the Inflation Reduction Act of 2022 agreement that was released on July 27, 2022. The blue font signifies portions of the new bill that were added or have been modified from...more
8/5/2022
/ Aviation Industry ,
Biodiesel ,
Carbon Emissions ,
Clean Energy ,
Climate Change ,
Corporate Taxes ,
Deficit Reduction ,
Green Energy ,
Green Finance ,
Inflation Adjustments ,
IRS
In an unexpected statement last Wednesday, Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) jointly announced that they had reached a preliminary agreement on a roughly $750 billion budget...more
On July 27, Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) announced a surprise agreement on a roughly $750 billion tax, energy and health care package including $370 billion in energy security and...more
8/1/2022
/ Carbon Emissions ,
Climate Change ,
Energy Policy ,
Energy Projects ,
Energy Sector ,
Greenhouse Gas Emissions ,
New Legislation ,
Offshore Wind ,
Oil & Gas ,
Proposed Legislation ,
Renewable Energy
Reconciliation Revival? Ever since Sen. Joe Manchin (D-WV) publicly renounced his support of the House-passed Build Back Better Act (BBBA) in December of last year, the prospects of a reconciliation bill have appeared grim...more
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
6/24/2022
/ Bipartisan Agreement ,
Corporate Taxes ,
Federal Trade Commission (FTC) ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Pending Legislation ,
Proposed Legislation ,
Senate Committees ,
Tax Reform ,
Ways and Means Committee
Kustoff Joins Ways and Means. Rep. David Kustoff (R-TN) has been selected to replace former Rep. Tom Reed (R-NY), who resigned from Congress earlier this year, on the House Ways and Means Committee. He will sit on the Worker...more
The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more
Tax Staffers Discuss State of Tax Policy. At a tax conference last week, top officials from the Biden administration and key congressional staffers discussed the latest in tax policy. One panel, which was focused on the...more
Replacing Reed? Rep. Tom Reed (R-NY), a member of the House Ways and Means Committee, resigned from Congress last week. As of this writing, Republicans have not indicated when—or whether—they will fill the vacancy left by...more
Congressional Tax Staffers Outline Agenda. Several senior staffers on the House Ways and Means Committee and the Senate Finance Committee—Andrew Grossman, Courtney Connell, Derek Theurer and Tiffany Smith—participated in a...more
The House and Senate will reconvene Tuesday at 2 p.m. and Monday at 3 p.m., respectively....more
LEGISLATIVE LOWDOWN -
Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act...more
5/5/2022
/ Bipartisan Agreement ,
Corporate Taxes ,
Federal Trade Commission (FTC) ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Pending Legislation ,
Proposed Legislation ,
Senate Committees ,
Tax Reform ,
Ways and Means Committee
SCOTUS Denies New York v. Yellen. The U.S. Supreme Court announced on Tax Day it would not hear a constitutional challenge to the $10,000 deduction limit on state and local taxes (SALT) enacted under the Tax Cuts and Jobs Act...more
The House and Senate will reconvene Tuesday at 2:00 p.m. and Monday at 3:00 p.m., respectively....more
Brownstein Budget Breakdown. The Brownstein Tax Policy team has gone through the thousands of pages and countless spending tables to compile a summary and analysis of the Biden administration’s fiscal year 2023 budget...more
After negotiating for months with the White House and congressional Democratic leaders, Sen. Joe Manchin (D-WV) on Sunday announced he would not vote for the Build Back Better Act (BBBA)—the $2.4 trillion reconciliation...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
Tax Tidbit -
Year-End Legislative To-Dos. Washington has been consumed by President Joe Biden’s twin legislative vehicles: the Infrastructure Investment and Jobs Act and the Build Back Better Act—only one of which has been...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