The OMB and Treasury Release Memo on OMB’s Oversight of Tax Regulations

The Office of Management of Budget (OMB) and the Department of Treasury recently issued a memo describing the framework for the OMB’s review of tax regulations. The memo provides that regulations will be subject to review if they 1) create a serious inconsistency or interfere with an action of another agency, 2) raise novel legal or policy issues, or  3) have an annual non-revenue effect on the economy of $100 million or more. OMB oversight has raised concerns about the efficiency of the tax regulation process, however the memo was positively received by the Treasury officials.

Read more: Treasury, OMB Agreement Allows More Scrutiny of Tax Regs, Mnuchin Says


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