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Tax News & Views

Capitol Hill briefing.

Tax News & Views, published by the Deloitte Tax LLP Tax Policy Group in Washington, DC, provides a compact, reader-friendly perspective on the latest tax developments coming out of Congress affecting businesses and high-wealth individuals.

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July 15, 2016

July 15, 2016

FAA reauthorization heads to the White House as Congress heads for the exit doors: In its final week of activity before breaking for a summer recess that will run through Labor Day, Congress approved legislation to reauthorize the Federal Aviation Administration – including fuel and passenger excise taxes that provide the agency’s dedicated revenue stream – through fiscal year 2017.

House taxwriters OK bill exempting aircraft management service fees from airline ticket taxes: The House Ways and Means Committee approved by voice vote legislation that would exempt from the so-called airline “ticket tax” the fees paid by a private aircraft owner to a third party for management services related to maintenance and support of the aircraft or flights on the aircraft.

CBO report reiterates long-term federal budget challenges: A new report by the Congressional Budget Office detailing the federal government’s fiscal challenges over the next 30 years warns that a gradual projected increase in revenue will be outstripped by faster-rising Social Security and Medicare costs, as well as bigger payouts to service a growing national debt.

Special edition Dbriefs: New proposed QI agreement and the QDD regime – Notice 2016-42: Deloitte’s FATCA leadership team and invited guests from the IRS will host a special edition Dbriefs webcast on July 19 to discuss recently released Notice 2016-42, which provides the proposed qualified intermediary agreement for certain foreign persons to simplify their withholding obligations under Internal Revenue Code chapters 3, 4, and 61, and section 3406, and provides guidance on procedures for the qualified derivatives dealer regime announced in temporary regulations last fall.

A note on our publication schedule: With Congress scheduled to be out of session for an extended summer recess, Tax News & Views will be published only as events warrant until lawmakers return to Washington after Labor Day.

Archive

July 8, 2016
House OKs measure to expand health savings account rules

July 1, 2016
FAA reauthorization won’t include energy extenders, Thune says

June 24, 2016 - Special Edition
House GOP tax reform blueprint proposes across-the-board rate cuts, move to territorial tax system

June 17, 2016
Hatch to pursue section 48 energy extenders package

June 10, 2016
Finance Committee aide advocates for corporate integration

May 27, 2016
Finance hearing looks at downstream consequences of debt-equity parity in corporate integration plan

May 20, 2016
Finance Committee, witnesses consider potential design issues in corporate integration plan

May 13, 2016
Hatch announces corporate integration hearing; Ways & Means subcommittee considers tax code improvements

April 29, 2016
Finance Committee mulls business tax reform options

April 22, 2016
Hatch eyes June release of corporate integration draft

April 15, 2016
Energy tax extender talks collapse, Senate set to approve ‘clean’ FAA tax title

April 8, 2016
Treasury issues anti-inversion guidance

March 25, 2016
Short-term FAA extension heads to White House

March 18, 2016
House GOP budget and taxwriters advance budget bills, floor action uncertain

March 11, 2016
GOP discord keeps fiscal 2017 budget process in flux

March 4, 2016
Hatch takes the long view on release of corporate integration proposal

February 26, 2016
Boustany eyes March release of international tax reform legislation

February 12, 2016
GOP shows little appetite for Obama’s final budget proposal

February 9, 2016 - Special Edition
White House releases fiscal year 2017 budget proposal

February 5, 2016
White House to propose $10-per-barrel oil tax in FY 2017 budget package

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