Tax News & Views Newsletter

April 11, 2025

House clears Senate-passed budget resolution laying out divergent reconciliation framework
House Republicans on April 10 formally kicked off the filibuster-proof reconciliation process when they narrowly approved by a vote of 216 – 214 a revised budget resolution passed by the Senate last week that lays out widely divergent reconciliation instructions as well as different baselines for measuring the fiscal impact of tax policy between the two chambers.

Finance Committee holds nomination hearing for tax-policy post at Treasury, TCJA benefits small businesses
The Senate Finance Committee held a nomination hearing this week to consider Kenneth Kies to be an Assistant Secretary of the Treasury; meanwhile, across the Capitol, a joint hearing was held in which GOP members of the House Small Business Committee and the Senate Small Business and Entrepreneurship Committee highlighted how the TCJA has facilitated growth and reinvestment for small businesses by utilizing key tax provisions.

White House issues memo directing repeal of unlawful regulations
The White House announced in a memo on April 9 that federal agencies can bypass the standard rulemaking process to repeal regulations deemed “unlawful” using the “good cause” exception in US administrative law.

Treasury and IRS update the elective safe harbor for domestic content bonus credit (Notice 2025-08)
Deloitte Tax LLP provided a new alert on Notice 2025-08 (the “Notice”) which provides the first update to the elective safe harbor for the domestic content bonus credit and modifies the safe harbor provided in Notice 2024-41.

How Pillar Two raises the bar for M&A integration and tax compliance
A new article from Deloitte Tax LLP offers guidance for tax leaders on the data, process, technology, and people challenges that arise when organizations go through mergers and acquisitions (M&A) and explains how Pillar Two compliance raises the stakes.