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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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Recent editions appear below; for older issues, please email a request to ustaxnews@deloitte.com.

January 17, 2020

House Democrats to release infrastructure bill by month’s end, Pelosi says
House Speaker Nancy Pelosi told reporters that Democrats will release an infrastructure spending package later this month; meanwhile, Ways and Means Committee Chairman Richard Neal promised to hold a mark-up of green energy tax incentives and National Economic Council Director Larry Kudlow said that the White House is working on a “Tax Cuts 2.0” proposal that would target tax relief to the middle class.

US, France remain at an impasse over French DST
France is holding tough on its new digital services tax in the face of threatened US tariffs, and a recent visit to Washington by the European Union’s trade minister showed no sign of breaking the impasse.

Senate clears USMCA trade deal, removing potential vehicle for tax legislation this year
The Senate approved President Trump’s United States-Mexico-Canada Agreement, an action that removed the trade deal as a potential vehicle to carry tax legislation in 2020.

Implementation of TCJA provisions related to Opportunity Zones, multinationals, prompts investigations
The Treasury Department’s acting inspector general confirmed that his office has opened an investigation into whether designations under the Qualified Opportunity Zone program enacted as part of the Tax Cuts and Jobs Act are being inappropriately awarded based on political rather than economic considerations; also, four Senate Democrats – led by Finance Committee ranking member Ron Wyden – announced that they have launched an investigation into whether the Treasury Department drafted regulations implementing the TCJA’s international tax provisions in a way that provided “a windfall” to certain multinational corporations.

JCT releases list of expiring tax provisions for 2020-2029
The Joint Committee on Taxation staff released a list of temporary federal tax provisions that are currently scheduled to expire between 2020 and 2029, the bulk of which are tied to the tax deal that Congress approved at the end of last year and the GOP tax code overhaul that was enacted in 2017.

January 17, 2020

Archive

January 10, 2020
Neal to pursue expanded family tax credits as tradeoff for fix to ‘retail glitch’

December 20, 2019
Two-year suspension of SALT deduction cap clears House

December 19, 2019 (Special Edition)
Congress approves tax relief and spending legislation, president’s signature expected

December 17, 2019 (Special Edition)
Congressional negotiators reach year-end tax deal

December 13, 2019
Appropriators close in on spending pact, but year-end tax deal remains elusive

December 6, 2019
Prospects for year-end tax bill still murky as spending talks continue

November 22, 2019
‘Clean’ short-term spending bill signed into law

November 15, 2019
Spending leaders eye ‘clean,’ one-month punt on appropriations, pushing tax bill hopes to December

November 8, 2019
Another stopgap spending bill looks likely as government funding deadline approaches

November 1, 2019
Supporters of clean energy incentives, Opportunity Zone reporting requirements vie for spots in year-end bill

October 25, 2019
Democratic effort to overturn Treasury rules on workarounds for SALT deduction cap fizzles in Senate

October 18, 2019
Finance task force delivers inconclusive report on disaster-relief tax provisions

October 11, 2019
IRS releases new guidance on virtual currency transactions

September 27, 2019
Tax proposals remain on hold as short-term spending bill clears Senate, heads to White House

September 20, 2019
House clears stop-gap spending bill without tax changes

September 13, 2019
Extenders, retirement security await post-recess action while technical corrections remains a wild card

August 30, 2019
Finance task force offers narrow recommendations for Indian employment, American Samoa development credits

August 16, 2019
Few policy recommendations in first tranche of Finance Committee ‘extenders’ task force reports

August 2, 2019
Spending caps and debt limit bill clears Senate, heads to White House

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