Tax News & Views

November 22, 2024

Republican congressional leaders eye 2025 tax agenda
In the second week of the post-election lame duck session, Republicans on Capitol Hill directed their attention to next year when they will hold a trifecta of power in Washington and have full control of the tax policy agenda.

Still no decisions on government funding as December 20 deadline looms
Congress closed out the second week of the post-election lame duck work period with no real signs that Republican and Democratic leaders are closer to reaching an agreement on a full package to fund federal departments and agencies for fiscal year 2025; meanwhile, the outgoing chairman of the Senate Finance Committee suggested that lawmakers may be able to clinch a deal on a disaster relief tax package before the end of the year.

Ways and Means Republicans seek stakeholder comments on Inflation Reduction Act’s biofuel producer tax credits
Six Republican members of the House Ways and Means Committee released a letter requesting comments from stakeholders on how the biofuel tax credits enacted in the Inflation Reduction Act of 2022 could be improved upon to support domestic energy production and rural economic development.