Tag Archives: Joint Committee on Taxation

Tax-Writers Gear Up to Release Proposals; Treasury Response to Concerns Over Section 385 Regs Unclear

Legislative Activity Coming Soon: The GOP’s Tax Reform “Blueprint” With House Republicans expected to roll out their comprehensive tax “blueprint” this month – and lawmakers set to leave Washington on Friday, June 24 – it is likely that we will see the proposal released this week. It is quite possible, however, that the final product may … Continue Reading

Senate Takes on Business Tax Reform; Treasury to Have “Intense Comment Period” for Inversion Regulations

Legislative Activity Senate to Consider Business Tax Reform Proposals Following multiple hearings on tax reform thus far this year in the House Ways and Means Committee, this week the Senate Finance Committee will hold a hearing on business tax reform. During the hearing, the difference between Republican and Democrat approaches to taxing corporate income, including … Continue Reading

Tax-Writers Debate International Tax Reform, Inversions; OECD Releases “Inclusive” BEPS Framework

Legislative Activity Democratic Tax-Writers Remain Focused on Inversions, Despite Push for International Tax Reform Last week, the House Ways and Means Committee held its first hearing on international tax reform this session. During the hearing, Members and witnesses discussed the need for tax reform, the benefits and challenges that come from doing international tax reform … Continue Reading

House Ways and Means Tasked With Funding Highway Bill; Treasury Moves Forward With BEPS Implementation

Legislative Activity House Lawmakers Schedule Markup of Transportation Bill Without Revenue Provisions Last week, on Friday, October 16, the House Transportation and Infrastructure Committee released a six-year, $325 billion highway funding bill (the Surface Transportation Reauthorization and Reform Act of 2015); a markup of the legislation is scheduled for Thursday, October 22. Notably, while the … Continue Reading

House, Senate Set to Move on Short-Term Highway Funding Extension

Legislative Activity House, Senate Set to Move on Short-Term Highway Funding Extension As tax-writers continue their push for tax reform this Congress, the focus this week will shift to providing a short-term extension of funding for the Highway Trust Fund. In the Senate, Finance Committee Chairman Orrin Hatch (R-UT) and Environmental and Public Works Committee … Continue Reading

Congress to Focus on Budget, Economic Report; Lawmakers to Discuss Fairness in the tax Code

Legislative Activity President’s Budget, Economic Report in Focus This week, Treasury Secretary Jack Lew is scheduled to testify before the House and Senate Appropriations Committees about President Obama’s FY 2016 Budget Request. On Tuesday, March 3, Secretary Lew, along with Internal Revenue Service (IRS) Commissioner John Koskinen and Treasury Inspector General for Tax Administration Russell … Continue Reading

Lawmakers Consider Tax Policy’s Impact on the Economy; Treasury May Release Anti-Inversion Guidance in 2015

Legislative Activity White House Sends Economic Report to Congress On February 19, the White House released the Economic Report of the President, together with the Annual Report of the Council of Economic Advisors. In the report, the Administration weighs the merits of various approaches to tax reform, including repealing the corporate income tax, cutting the … Continue Reading

Early Outlook for Tax Activity in Congress; House Leadership Releases Proposal to Require Dynamic Scoring

Legislative Activity Early Outlook for Tax Activity in Congress As Congress returns to Washington, tax writers will prepare to move forward on several different fronts.  As anticipated in our prior coverage, lawmakers were able to pass tax extenders legislation before the 113th Congress adjourned. The legislation, however, only provided a one-year retroactive extension of the … Continue Reading

Reid, Paul Working on Repatriation Bill to Fund Transportation Infrastructure

Legislative Activity Reid, Paul Working on Repatriation Bill to Fund Transportation Infrastructure On June 10, Senate Majority Leader Harry Reid (D-NV) and Senator Rand Paul (R-KY) indicated that they are working on legislation that would allow corporations to repatriate foreign earnings at lower rates, suggesting that this revenue could be used to fund improvements to … Continue Reading

Baucus Releases Second Proposal on Tax Administration

Tax Legislative Activity Baucus Releases Second Proposal on Tax Administration On Wednesday, November 20, Senate Finance Committee Chairman Max Baucus (D-MT) released the second in his series of staff discussion drafts to reform the nation’s tax code, this one on tax administration. In making the case for reforming the rules regarding tax administration, Chairman Baucus … Continue Reading