On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more
On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal...more
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 Wednesday, April 26, the House of Representatives voted to pass the GOP proposal to avert the impending government default—the Limit, Save, Grow (LSG) Act. The measure was advanced by a margin of 217-215, with four...more
On Thursday, April 6, the Treasury Department and Internal Revenue Service (IRS) issued their long-term Strategic Operating Plan (SOP), outlining how the IRS intends to spend $79.4 billion in funding provided by the Inflation...more
On March 31, 2023, the Treasury Department and Internal Revenue Service (IRS) issued proposed regulations implementing the section 30D clean-vehicle tax credit enacted as part of the Inflation Reduction Act (IRA). The...more
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
Senators Renew Efforts to Reverse R&D Tax Modification. Last Friday, a bipartisan coalition of 12 senators introduced the American Innovation and Jobs Act to increase incentives for businesses that invest in domestic research...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
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International Tax Issues ,
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New Legislation ,
Oil & Gas ,
Proposed Legislation ,
SECURE Act ,
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U.S. Treasury ,
Ways and Means Committee
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
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
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 ,
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Tax Liability ,
Tax Planning ,
Tax Reform
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 ,
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Life Insurance ,
New Legislation ,
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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 ,
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Tax Liability ,
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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