Tax News & Views

April 4, 2025

Senate poised to clear revised budget plan with split-screen reconciliation framework, but House GOP not yet sold
Senate GOP leaders released a revised budget resolution that lays out widely divergent reconciliation instructions, and different baselines for measuring the fiscal impact of tax policy, between the two chambers. The plan, which GOP senators hope to approve as soon as April 5, would effectively allow the two chambers to go their own separate ways on reconciliation legislation with the goal of merging their disparate visions for a filibuster-proof tax-and-spending bill at a later stage in the process – that is, if the House also passes the revised plan in identical form.

House passes bills, bills, and more bills
This week, the House advanced six tax-related bills addressing disaster relief and tax administration, approving them by unanimous support or voice vote after consideration under “suspension of the rules”—a fast-track procedural tool in that chamber that allows for limited debate, no amendments, and passage upon an affirmative two-thirds vote.

Trump administration announces tariffs on automotive imports and on products of countries purchasing Venezuelan oil and gas, issues further guidance on previously implemented steel and aluminum tariffs
Deloitte Tax LLP prepared a summary of new tariffs on imported automobiles and automobile parts as well as products of any country that purchases oil and gas from Venezuela; it also covered additional informal guidance on the US Customs and Border Protection’s frequently asked questions’ page concerning steel and aluminum tariffs.

2024 US Advance Pricing Agreement (APA) report – India tops Japan in executed bilateral APAs for first time, multilateral APA trends, and speedier processing of BAPAs
Deloitte Tax LLP prepared an alert highlighting key findings from the 2024 Advance Pricing Agreement annual report, including data on treaty partners involved in executed bilateral APAs (BAPAs), recent multilateral APA trends, and additional insights.

Senate Finance Committee to hold nomination hearing for Assistant Secretary of Treasury post
The Senate Finance Committee will hold a nomination hearing on Thursday, April 10 at 10:00 am to consider two nominees, including that of Kenneth Kies to be an Assistant Secretary of the Treasury.