Legislative Activity As June Nears, Tax-Writers Press Forward with Tax Reform Proposals Following last week’s Senate Finance Committee hearing to discuss Chairman Orrin Hatch’s (R-UT) “corporate integration” proposal as relates to the pros and cons of a dividends paid deduction regime, this week, on Tuesday, May 24, the Committee will hold its second in a … Continue Reading
Legislative Activity International Tax Reform v. Inversions Following up on Senate Finance Committee Chairman Orrin Hatch’s (R-UT) recent acknowledgment that his “corporate integration” proposal has been delayed, at least by “a few weeks,” it now appears that the House Ways and Means Committee may miss its self-imposed goal of March 31 by which to release … Continue Reading
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
Legislative Activity House to Continue Push for International Tax Reform As part of House Ways and Means Committee Chairman Kevin Brady’s (R-TX) continued commitment to moving forward with international tax reform – at least to some extent – this Congress, on Wednesday, February 24, the Committee will hold a hearing to discuss international tax reform. The … Continue Reading
Legislative Activity Senate Finance Committee Tax Reform Working Groups Release Reports Last week, on Tuesday, July 8, the Senate Finance Committee released the long-awaited reports from its five bipartisan Tax Reform Working Groups, which were formed to “spur congressional comprehensive tax reform efforts in the 114th Congress.” The groups focused on: (1) Individual Income Tax; … Continue Reading
Legislative Activity Lawmakers Press Onward with Tax Reform Efforts; Tax Extenders, Highway Funding Coming Into Focus With tax-writers having moved trade legislation out of their respective committees, the Senate Finance Committee’s Tax Reform Working Groups have begun to hold roundtables to brief their colleagues on the status of their work and to receive initial feedback. … Continue Reading
Legislative Activity Republicans Focus on Small Businesses, Democrats Target Tax “Loopholes” Following a busy week for tax-writers – which included several hearings on “Tax Day” to address tax reform and the potential impact on small businesses – there is growing discussion about the possibility of pursuing business-only tax reform. To that end, Senate Finance Committee … Continue Reading
Legislative Activity President Obama, Secretary Lew Outline Tax Reform Proposals As mentioned in previous coverage of the State of the Union Address, President Obama has proposed approximately $320 billion in new taxes, aimed largely at investment income and large financial institutions, with revenues raised from these proposals to be dedicated principally to a new or … Continue Reading
Legislative Activity Senate to Vote on Highway Funding Bill This week, the Senate is expected to vote on H.R. 5021, the Highway and Transportation Funding Act of 2014, which recently passed the House by a vote of 367-55. The bill would patch and reauthorize the Highway Trust Fund (HTF) through May 2015 by using transfers … Continue Reading
Legislative Activity Tax Extenders Bill Stalls in Senate, Timing Now Unclear On May 15, the Senate was unable to garner the 60 votes needed to end debate on tax extenders legislation. The bill, which would provide a two-year extension for certain tax extenders that expired on January 1, stalled as a result of Republican concerns … Continue Reading
Legislative Activity Senate to Take Up Temporary Tax Extenders Package; House Takes Different Approach During the week of May 12, the Senate is expected to take up the EXPIRE Act (S. 2260), which provides a two-year extension for certain tax extenders, which expired on January 1. The Senate’s approach for dealing with tax extenders differs … Continue Reading
