Tax News & Views

July 12, 2024

House taxwriters OK measures to rescind EV credit regs, penalize universities, expand section 529 plans
The House Ways and Means Committee passed along party lines a Republican-sponsored resolution that would invalidate recently issued final regulations from the Treasury Department and IRS implementing the tax credit for clean vehicles that was enacted under the Inflation Reduction Act of 2022, and also advanced GOP bills that would penalize colleges and universities that fail to address antisemitism on their campuses plus a proposal to expand the benefits of tax-preferred section 529 education savings accounts.

Senate budget writers spar over taxes at hearing with CBO director
Democrats and Republicans on the Senate Budget Committee sparred over tax policy during a hearing with Congressional Budget Office Director Phillip Swagel that was called to discuss the grim fiscal picture presented in the agency’s recently published update to its 10-year budget and economic outlook.

Senate taxwriters vet another trio of Tax Court nominees
On the heels of voting last month to advance three Tax Court judicial nominees to the full Senate for confirmation, the Senate Finance Committee heard from three more—Jeffrey Arbeit, Cathy Fung, and Benjamin Guider III—who, if cleared by the panel and confirmed by the full Senate, will begin their own 15-year terms adjudicating disputes between the IRS and taxpayers.

Treasury and IRS release guidance on partnership related-party transactions
A new alert from Deloitte Tax LLP looks at recent guidance from the Treasury Department and the IRS addressing certain “basis-shifting” transactions involving partnerships and related parties.

Final procedural regulations address stock buyback excise tax
A new alert from Deloitte Tax LLP provides an overview of recently released final regulations from the Treasury Department and the IRS that provide guidance on how to report and pay the 1 percent excise tax on certain repurchases of stock by publicly traded corporations that was enacted in the Inflation Reduction Act of 2022.

Treasury finalizes digital asset broker reporting regulations
A new alert from Deloitte Tax LLP discusses a recently released guidance package on digital asset broker reporting that includes final regulations, two related notices, and a related revenue procedure.

Wyden plugs child tax credit expansion at Finance Committee hearing
Senate Finance Committee Chairman Ron Wyden used a hearing focused on federal child care programs to tout the enhancements to the child tax credit included in the bipartisan tax relief package he negotiated with House Ways and Means Committee Chairman Jason Smith, which passed the House in January but remains stalled in the Senate due to GOP opposition.

House Republican taxwriters renew call for retaliatory trade response to Canadian DST
In response to Canada’s recent enactment of a new digital services tax, Republicans on the House Ways and Means Committee once again urged the Biden administration to use trade measures against what they consider discriminatory taxes on US-based companies.

No tax policy surprises—and few new details—in 2024 Republican Party draft platform
A draft 2024 campaign platform released by the Republican National Committee confirms some longstanding, high-level assumptions about where the party and Donald Trump, its presumptive presidential nominee, stand on tax policy but offers little in the way of additional details.