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
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
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 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
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
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
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
The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....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
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
The House and Senate will meet Monday at 2 p.m. and 3 p.m., respectively....more
Congress unveiled the Consolidated Appropriations Act, 2022 on Wednesday, March 9, 2022. The roughly $1.5 trillion “omnibus” would entirely fund the federal government through Sept. 30, 2022, and provide economic,...more
Legislative Lowdown -
BBBA Comeback? President Biden’s first State of the Union address appears to have reignited discussions around a revised version of the Build Back Better Act (BBBA), though the president did not...more
The House and Senate reconvened on Monday at noon and 3 p.m., respectively.
What to Watch -
President Biden delivered his first State of the Union address last Tuesday, during which he outlined the contours of a slimmed...more
The House and Senate will reconvene Monday at 2 p.m. and 3 p.m., respectively.
What to Watch -
Both chambers return to Washington after an eventful week away from Capitol Hill. ...more
TAX TIDBIT -
Race to Replace Brady: New Challenger. Rep. Jason Smith (R-MO) is the latest Republican seeking to replace the retiring House Ways and Means Committee ranking member and former chair, Kevin Brady (R-TX), as...more
On Tuesday, Feb. 8, the House Ways and Means Subcommittee on Oversight held a hearing on the challenges facing taxpayers, tax professionals and the Internal Revenue Service (IRS) during the current tax filing season. National...more
Tax Tidbit -
Budget Reconciliation: By the Numbers. Since 1980, Congress has passed 26 budget reconciliation bills, 22 of which have become law. During 11 of those 41 years, Congress did not pass any budget reconciliation...more
2/2/2022
/ Biden Administration ,
Budget Reconciliation ,
Business Taxes ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Budget ,
Income Taxes ,
Infrastructure ,
IRS ,
Legislative Agendas ,
Proposed Legislation ,
Tax Reform ,
U.S. Treasury
State of Play -
On Jan. 19, the Senate failed 48-52 to change its filibuster rules, which would have been required in order to pass elections and voting reform. Senate Democrats have attempted to consider several pieces...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