Tax News & Views

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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.

August 12, 2022

Inflation Reduction Act clears House, awaits Biden’s signature
The House approved and will send to President Biden a roughly $740 billion budget reconciliation package that includes a new minimum tax on certain large corporations, an excise tax on stock buybacks, a significant increase in funding for the Internal Revenue Service, incentives to promote climate change mitigation and clean energy, and provisions to promote health care affordability.

‘CHIPs’ bill with tax break for US semiconductor makers becomes law
President Biden signed into law bipartisan legislation designed to boost domestic semiconductor manufacturing and encourage US research activities; however, while the measure provides an investment tax credit intended to promote domestic production of semiconductors, it does not include a provision that would retroactively permit expensing for research expenditures under tax code section 174.

 

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Archive

August 7, 2022 (Special Edition)
Inflation Reduction Act clears Senate

August 5, 2022
Senate looks to weekend consideration of Inflation Reduction Act

July 29, 2022
Schumer-Manchin reconciliation bill includes corporate minimum tax, carried interest changes, green energy incentives

July 27, 2022 (Special Edition)
Schumer, Manchin release legislative text for tax, climate, and health care package

July 22, 2022
Senate Democrats to persue narrower 'Build Back Better' bill without significant tax title

July 15, 2022
Prospects for Senate deal on ‘Build Back Better’ upended as Manchin rejects tax hikes, climate change proposals

June 24, 2022
Senate taxwriters unanimously approve bipartisan retirement security legislation

June 17, 2022
Senate taxwriters look to tax code to battle rising prices

June 10, 2022
Inflation dominates the discussion as taxwriters quiz Yellen on FY 2023 budget proposals

May 27, 2022
CBO’s updated budget and economic outlook paints a bleak long-term fiscal picture

May 20, 2022
House taxwriting subcommittee split over implications of GAO report on IRS audit activity

May 13, 2022
Wyden seeks R&E expensing, chipmaker credit in China competitiveness conference committee

May 6, 2022
Bipartisan group mulls tax provisions for potential climate change bill

April 29, 2022
Still no meeting of minds on ‘Build Back Better,’ but work continues on retirement security enhancements

April 8, 2022
Updated ‘tax gap’ estimates will be ready by summer, Rettig says

April 1, 2022
Bipartisan retirement security bill clears House

March 29, 2022 (Special Edition)
FY 2023 budget plan continues White House focus on corporate, high wealth tax hikes

March 28, 2022 (Special Edition)
White House releases FY 2023 budget proposal, ‘Green Book’

March 25, 2022
Bipartisan retirement security bill headed for House floor vote

March 18, 2022
Partisan debate over IRS budget persists as Ways and Means Oversight panel looks at 2022 filing season

March 11, 2022
Congress advances FY 2022 omnibus—and a four-day stopgap to buy time for its enactment

March 4, 2022
Biden lays out familiar tax-and-spending agenda; Manchin floats possible compromise

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