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Dynamic Changes for Evaluating Budgetary Impact of Proposed Legislation

On January 6, the House adopted rules that require the Congressional Budget Office and the Joint Committee on Taxation to use macroeconomic or “dynamic” scoring in forecasting the budgetary impact of proposed legislation. Under this system, which is a change from the previous “static” scoring methodologies, calculating the forecasted fiscal impact of major legislation will consider...

FY 2016 Budget Tax Proposals Target Insurance Companies

On February 2, the Obama Administration released its fiscal year 2016 budget (FY 2016 Budget). The hallmarks of the FY 2016 Budget are proposals that would impose (i) a minimum tax on the current foreign earnings of U.S. corporations and their controlled foreign corporations (CFCs) and (ii) a one-time 14% tax on earnings accumulated in CFCs and not previously subject to U.S. tax....

Seven Bps or Just a Blip – Obama Proposes New Fee on Financial Institutions

On Saturday, January 17, 2015, President Obama released a Fact Sheet outlining a new plan to “to simplify our complex tax code for individuals, make it fairer by eliminating some of the biggest loopholes, and use the savings to responsibly pay for the investments we need to help middle class families get ahead and grow the economy.”  The fact sheet is sparse on details but is likely to...

New York State on Bitcoins: Transactions Are Barters for Sales Tax Purposes; Follow Federal Guidance for State Income Taxes

The New York State Department of Taxation and Finance has issued guidance on the sales tax, corporation franchise tax, and personal income tax implications of transactions involving convertible virtual currency, such as bitcoins.  See N.Y. TSB-M-14(5)C, (7)I, (17)S, Dec. 5, 2014. The Department’s guidance can be found here. As summarized below, the Department explains in its guidance...

President Obama Says Deal Possible on Tax Reform

Even as a veto threat derailed a large tax extenders deal, President Obama is holding out hope that Congress can move forward on tax reform.  Addressing corporate CEOs at a Business Roundtable meeting on December 3rd, the President said there was “definitely a deal to be done.”  He told the corporate leaders he may be willing to accept the short-term tax break extensions (which passed...

Senator Wyden Renews Push for Tax Extenders

The Congressional tax agenda for the end of 2014 is now clear: tax extenders and inversions.  Even as inversions dominate the news, Senate Finance Committee Chairman Ron Wyden (D-Ore.) is continuing his push to pass legislation which extends expired tax provisions.  On September 15, Senator Wyden issued a statement on the need to renew expired tax provisions, stating that the actions...

House Passes Bill to Make Bonus Depreciation Permanent

On July 11, 2014, the House of Representatives passed a bill to renew bonus depreciation and to make the provision permanent.  Bonus depreciation is one of several expired provisions that House Ways and Means Committee Chairman Dave Camp (R-Mich.) has made sought to make permanent. Bonus depreciation allows businesses to immediately deduct 50 percent of qualified purchased property and...

House Bill Would Make R&D Credit Permanent on Bi-Partisan Vote

On May 9, the U.S. House of Representatives passed a bill that would permanently extend the research and development tax credit.  The bill passed 274-131 with support from all-but-one Republican and 62 Democrats.  House Majority Leader Eric Cantor (R-Va.) stated he believed that making the R&D credit permanent “is one of the most generative things we can do from a policy standpoint...

Senate Extenders Legislative Language Released

Almost a month after the Senate Finance Committee approved legislation which would extend expired tax provisions (see our prior post), Chairman Ron Wyden (D-Ore.) finally introduced in the Senate the legislative language of the bill.  S. 2260, the Expiring Provisions Improvement, Reform, and Efficiency Act of 2014, or the EXPIRE Act, was introduced on April 28, and the text is...

The House Ways and Means Committee Approves 6 Permanent Business Tax Extenders

On April 29, 2014, the House Ways and Means Committee approved six bills that would make several expired business tax provisions permanent. Included among the “tax extenders” that would become permanent are a simplified version of the research credit, the subpart F active financing exception, and the controlled foreign corporation look-through rule. Ways and Means Chairman...

Now it’s a Trend: Another Tax-Writer Stepping Down, as Camp set to Retire

House Ways & Means Chairman Dave Camp (R-Mich.) formally announced that he would retire at the end of the current Congress.   Many saw this decision coming, as House Republican conference rules will require Rep. Camp to relinquish his chairmanship of the powerful Ways & Means Committee after this Congress.  As Chairman, Rep. Camp has pushed hard for comprehensive tax reform, a...

Camp Goes All-In with Comprehensive Tax Plan: Highlights, Tax Reform Status and Impact on Taxpayers

On February 26, Representative Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, released his much-awaited comprehensive tax reform plan (the “Camp Proposal”).  That proposal seeks to cut marginal tax rates on individuals and corporations by dramatically reducing the number of available deductions and credits, and proposes significant other changes to the tax code...

President’s 2015 Budget Includes New Tax Proposals

On March 4, the President released the 2015 annual budget, which included both new and old tax proposals.  We will be posting further on some of these proposals, and the Administration’s entire explanation of the revenue proposals, aka the Greenbook, can be found...

Camp Releases Comprehensive Tax Reform Plan

Representative Dave Camp (R-Mich.) has released a comprehensive tax reform plan.  Links to key materials are included here. The legislative text The section-by-section summary The executive summary The press release The Joint Committee on Taxation...

Damn the Torpedoes — Full Speed Ahead! Camp and President Pushing Tax Changes

Even as the prospects for comprehensive tax reform dim, House Ways and Means Chairman Dave Camp (R-Mich.) and President Obama are pushing forward with proposals to change the tax code. Rep. Camp has said that he is going to release a comprehensive tax reform plan, a move that House GOP leadership has thwarted in the past.  The Chairman’s plan could be released as early as the week of...

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