News & Analysis as of November 15, 2024

Proposed Legislation

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

New Tax Measures Designed to Reinforce Luxembourg’s Attractiveness

Goodwin on 7/30/2024

On 17 July 2024, the Luxembourg government introduced, under new Bill n° 8414, a comprehensive legislative package meant to modernise and enhance Luxembourg’s tax system. ...more

Weekly IRS Roundup October 30 – November 3, 2023

McDermott Will & Emery on 11/7/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 30, 2023 – November 3, 2023. ...more

Tax Base Erosion: Canada Responds with Draft EIFEL Rules Legislation

Stikeman Elliott LLP on 10/31/2023

On August 4, 2023, the Department of Finance released an updated version of the draft legislation that will incorporate the excessive interest and financing expense limitation rules (“EIFEL Rules”) into the Income Tax...more

Weekly IRS Roundup September 11 – September 15, 2023

McDermott Will & Emery on 9/20/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 11, 2023 – September 15, 2023...more

House Republicans Introduce Expansive Tax-Reform Package: The American Families and Jobs Act

Brownstein Hyatt Farber Schreck on 6/13/2023

House Ways and Means Committee Chairman Jason Smith (R-MO) unveiled committee Republicans’ economic-growth package on June 9, introducing three individual bills that encompass tax provisions relevant to a broad cross-section...more

Summary of Danny Werfel Nomination Hearing

Brownstein Hyatt Farber Schreck on 2/20/2023

On Wednesday, Feb. 15, the Senate Committee on Finance held a hearing to consider the nomination of Daniel Werfel to be commissioner of the Internal Revenue Service (IRS). Werfel testified before the committee on the agency’s...more

Weekly IRS Roundup January 30 – February 3, 2023

McDermott Will & Emery on 2/6/2023

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2023 – February 3, 2023...more

New York Governor releases Fiscal Year 2024 Executive Budget

Eversheds Sutherland (US) LLP on 2/3/2023

On February 1, 2023, New York Governor Kathy Hochul released her Fiscal Year 2024 Executive Budget and accompanying legislation (the Budget Bill). The Budget Bill includes several tax rate adjustments and technical fixes to...more

Ways and Means Chair Jason Smith’s Potential Legislative Agenda

Brownstein Hyatt Farber Schreck on 1/25/2023

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

Jason Smith to Chair House Ways and Means Committee

Brownstein Hyatt Farber Schreck on 1/10/2023

Earlier today, the Republican House Steering Committee selected Rep. Jason Smith (R-MO) to serve as the chair of the House Ways and Means Committee for the 118th Congress. Jason Smith ultimately defeated fellow Republican...more

Taxation & Representation, Dec. 6, 2022

Brownstein Hyatt Farber Schreck on 12/8/2022

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

Taxation & Representation, Sept. 27, 2022

Brownstein Hyatt Farber Schreck on 9/29/2022

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

Colorado’s 2022 Ballot Certified—So What’s on It?

Brownstein Hyatt Farber Schreck on 9/22/2022

The statewide ballot for Colorado is set. This past week, Secretary of State Jena Griswold officially certified the state’s ballot for the Nov. 8, 2022, election. In addition to the candidates for state and local offices,...more

Taxation & Representation, September 20, 2022

Brownstein Hyatt Farber Schreck on 9/21/2022

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

The Inflation Reduction Act: Overview of New Corporate Minimum Tax

McDermott Will & Emery on 8/11/2022

On August 7, 2022, the US Senate passed the Inflation Reduction Act of 2022 (the Act), a budget reconciliation bill recently introduced by Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV). The bill...more

Another Stab at Carried Interests Under the Inflation Reduction Act of 2022

Dechert LLP on 8/4/2022

On July 27, 2022, Senator Joe Manchin III (D-W.Va.) and Majority Leader Charles E. Schumer (D-N.Y.) introduced legislation entitled the “Inflation Reduction Act of 2022” (the “Reconciliation Bill”). The Reconciliation Bill is...more

Taxation & Representation, June 22, 2022

Brownstein Hyatt Farber Schreck on 6/24/2022

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

Tax & Financial Services Week Ahead, June 6 2022

Brownstein Hyatt Farber Schreck on 6/7/2022

The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more

The Biden Administration Re-Proposes to Tax Carried Interests as Ordinary Income

Proskauer - Tax Talks on 5/23/2022

On March 28, 2022, the Biden Administration proposed to tax “profits” or “carried” interests as ordinary income and impose self-employment tax on income and gains from these interests for certain partners in investment...more

Taxation & Representation, May 3, 2022

Brownstein Hyatt Farber Schreck on 5/5/2022

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

The Biden Administration Proposes Changes to the U.S. International Tax Rules

Proskauer - Tax Talks on 4/22/2022

Introduction and Summary - On March 28, 2022, the Biden Administration proposed changes to the U.S. international tax rules. In short, the Biden Administration proposed to: Enact a 15% minimum “undertaxed profits...more

Taxation & Representation, April 5, 2022

Brownstein Hyatt Farber Schreck on 4/7/2022

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

Tax & Financial Services Week Ahead - April 4, 2022

Brownstein Hyatt Farber Schreck on 4/5/2022

The House and Senate will meet Monday at 2 p.m. and 3 p.m., respectively....more

UK Tax Round Up - February 2022

Proskauer Rose LLP on 3/11/2022

Welcome to February’s edition of our UK Tax Round Up. This month’s edition includes updated guidance on the VAT treatment of contractual termination payments, updated HMRC guidance on the assessment of “substantial”...more

Taxation & Representation, March 8, 2022

Brownstein Hyatt Farber Schreck on 3/9/2022

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

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