Treasury Department and IRS Release Preliminary Guidance on Semiconductor Tax Credit. On March 23, the Treasury Department and IRS published proposed regulations for implementing the new section 48D advanced manufacturing...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
Biden to Release 2024 Budget Proposal Later this Week. On March 9, President Joe Biden will send his updated budget proposal to Congress, outlining the administration’s policy priorities for fiscal year 2024. Biden is...more
Earlier today, the White House released its fiscal year (FY) 2024 budget request to Congress. Overall, it proposes $6.9 trillion in total spending, including a proposed $880 billion for defense and approximately $992 billion...more
TAX TIDBIT -
Progress on Werfel and Blatchford Appointments, Other Nominations Delayed. Following the retirement of former IRS Commissioner Chuck Rettig in early November 2022, the tax-administration agency has been...more
Debt Limit Negotiations Stall as Treasury Department Begins Extraordinary Measures. On Jan. 19, the U.S. government reached its $31.4 trillion borrowing limit, which was signed into law by President Joe Biden late last year....more
2/10/2023
/ Data-Sharing ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
New Legislation ,
Oil & Gas ,
Proposed Legislation ,
SECURE Act ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
U.S. Treasury ,
Ways and Means Committee
President Joe Biden delivered his second State of the Union address on Feb. 7, facing a divided Congress for the first time in his presidency. Biden opened with a show of bipartisanship, drawing cheers as he congratulated the...more
This week, the House and Senate Education and Labor committees announced their full roster of members for the 118th Congress. Democrats retained the majority in the Senate, and as a result, the Senate Health, Education, Labor...more
On Jan. 27, House Ways and Means Committee Chair Jason Smith (R-MO) announced the GOP rosters of the six subcommittees for the 118th Congress. Notably, the two other former contenders for committee chair, Reps. Vern Buchanan...more
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
On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021. Last week, Treasury Secretary Janet Yellen wrote to...more
Legislative Lowdown -
Lawmakers Look to 2023 for Tax Priorities Following Omnibus Passage. On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the...more
The Treasury Department and the Internal Revenue Service (IRS) released initial guidance on Dec. 27, 2022, concerning two corporate tax increases included in the climate and energy reconciliation bill commonly known as the...more
On Dec. 20, the Senate Appropriations Committee released the text of the $1.7 trillion fiscal year (FY) 2023 omnibus appropriations bill. The package includes $858 billion in defense spending, a $76 billion or approximately...more
The Senate Appropriations Committee released the contents of a bipartisan $1.7 trillion omnibus package for fiscal year (FY) 2023 early on Dec. 20. Topline funding levels were agreed to last week as part of a deal to pass a...more
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
12/8/2022
/ Corporate Taxes ,
Electric Vehicles ,
Energy Tax Incentives ,
EU ,
Income Taxes ,
IRS ,
Legislative Agendas ,
New Legislation ,
Pending Legislation ,
Proposed Legislation ,
Tax Liability ,
Tax Planning ,
Tax Reform
Election Results -
Results are accurate as of 2 p.m. ET. -
Following record-breaking turnout in yesterday’s midterm elections, control of the 118th Congress remains unknown. Even as polling in the two weeks leading up...more
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
On Wednesday, Aug. 24, President Biden announced a three-part plan to provide student loan debt relief to tens of millions of Americans. The student loan debt relief plan includes the following components: (1) a final...more
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