Legislative Activity
Ways and Means to Hold Markup of Six Extender Bills
On Tuesday, April 29, the House Ways and Means Committee will hold a markup of six bills to permanently extend the business tax provisions discussed in the Committee’s hearing on April 8. The bills are:
- HR 4429, “To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.”
- HR 4438, “To amend the Internal Revenue Code of 1986 to simplify and make permanent the research credit.”
- HR 4453, “To amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains of S corporations.”
- HR 4454, “To amend the Internal Revenue Code of 1986 to make permanent certain rules regarding basis adjustments to stock of S corporations making charitable contributions of property.”
- HR 4457, “To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.”
- HR 4464, “To amend the Internal Revenue Code of 1986 to make permanent the look-through treatment of payments between related controlled foreign corporations.”
Such action is consistent with Committee Chairman Dave Camp’s (R-MI) assertion that he plans to go “policy by policy to determine which extenders should be made permanent.” As such, it is expected that the Committee will continue to hold similar hearings and markups over the coming months.
Regulatory Activity
IRS Issues Minor Correcting Amendments to FATCA Regulations
On Monday, April 21, the Internal Revenue Service (IRS) issued minor correcting amendments to a set of rules (T.D. 9658, RIN 1545-BL18) relating to the withholding tax on certain U.S. source income paid to foreign persons; information and backup withholding on payments made to certain U.S. persons; and portfolio interest treatment. According to the IRS, it issued the amendments to correct errors in the instructions in the rules.
