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2015 State and Local Tax Legislative Outlook

Members of Congress aren’t the only ones addressing tax reform – state legislatures across the country are gearing up for what looks to be an active 2015 legislative session.  After a wave of Republican victories in November, tax reform will be on the legislative docket in many states this year. Practical and political considerations can make state tax reform a challenge.  Take,...

President’s Budget Targets Inversions

The Obama Administration has corporate “inversions” in its sights.  On March 4, the Administration’s 2015 budget was released, and it includes a provision which would significantly lower the ownership thresholds to keep “inverted” companies within the U.S. taxing power. The budget would make changes to section 7874, which was enacted in 2003 and targets “inversion...

Moving On Up to the Means Side? Ryan Seeks Ways and Means Chairmanship

In the wake of brokering a bipartisan budget deal with Senator Patty Murry (D-Wash.), Representative Paul Ryan (R-Wis.), current chair of the Budget Committee, already has set his sights on a new position:  Chairman of Ways and Means.  Representative Dave Camp’s (R-Mich.) term as Chairman will expire after 2014 because of House Republicans’ caucus chairman term limits.  When Rep....

Camp Tax Reform Bill Appears Unlikely in 2013 (and Possibly 2014)

It appears that House Ways and Means Committee chairman Dave Camp (R-Mich.) will not meet his self-imposed deadline of moving a tax reform bill through the Committee in 2013. Following Rep. Camp’s meeting last Thursday with Speaker of the House John Boehner (R-Ohio) and other top House Republican leaders, the prospect of Rep. Camp introducing a tax reform bill in 2013 appears unlikely...

Party Leaders: No “Grand Bargain” on Budget

House Budget Committee Chairman Paul Ryan (R-Wis.) and Senator Majority Leader Harry Reid (D-Nev.) can agree on one thing:  a “grand bargain” involving tax increases and changes to entitlement programs such as Medicare and Social Security will not be part of any upcoming budget deal.  Instead, party leaders are focusing their attention on a smaller-scale agreement, as the parties...

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