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Tax News & Views
Capitol Hill briefing
Tax News & Views, published by the Deloitte Tax LLP Tax Policy Group in Washington, DC, provides a compact, reader-friendly perspective on the latest tax developments coming out of Congress affecting businesses and high-wealth individuals.
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Recent editions appear below; for older issues please email a request to ustaxnews@deloitte.com.
May 17, 2024
Five-year FAA reauthorization—with no amendments—heads to the White House
The House approved and sent to President Biden a “clean” Senate-passed measure that would reauthorize the Federal Aviation Administration for five years, thus officially dashing any hope that the bill could serve as a vehicle to carry other legislative priorities—such as the tax relief package negotiated earlier this year by House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden.
IRS issues updated procedures for private letter rulings regarding section 355 transactions
A new alert from Deloitte Tax LLP looks at Rev. Proc. 2024-24, which provides updated guidelines for taxpayers requesting private letter rulings regarding certain matters relating to section 355 transactions, and Notice 2024-38, which requests public comment on certain matters addressed in the revenue procedure and describes the Treasury Department’s and the IRS’s concerns relating to those matters.
House taxwriters clamp down on foreign contributions to tax-exempt entities, unauthorized disclosures of taxpayer data
The House Ways and Means Committee approved, in some cases with bipartisan support, a series of Republican-sponsored bills intended to prevent foreign entities and ultrawealthy US donors from using tax-exempt organizations to exert improper influence in federal elections, as well as a separate measure that would ratchet up the penalties on individuals who are convicted of making unauthorized disclosures of federal tax returns and protected return information.
Taxwriting panels announce upcoming hearings
The House Ways and Means Tax Subcommittee announced plans for a field hearing on economic opportunity in the US rust belt, and the Senate Finance Committee scheduled a hearing on tax-advantaged savings accounts benefiting children.
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May 10, 2024
Senate passes five-year FAA reauthorization measure; House expected to follow suit next week
May 3, 2024
TCJA, Pillar Two, Inflation Reduction Act dominate discussion at Ways and Means hearing on White House budget plan
April 19, 2024
Filing season’s over but Wyden’s still committed to bipartisan tax package
April 12, 2024
Bipartisan tax package remains stuck in the Senate
March 22, 2024
Wyden presses his case for bipartisan tax package as Finance Committee debates White House FY 2025 budget blueprint
March 15, 2024
Wyden, Crapo still at odds over bipartisan tax package as Finance Committee debates manufacturing tax incentives
March 12, 2024 (Special Edition)
Biden doubles down on corporate, high-wealth tax increases in FY 2025 budget blueprint
March 11, 2024 (Special Edition)
White House releases FY 2025 budget proposal, ‘Green Book’
March 8, 2024
Biden renews calls for corporate, high-wealth tax increases in State of the Union address
March 1, 2024
Bipartisan tax deal still sidelined as Congress punts spending deadlines further into March
February 16, 2024
SALT relief fizzles in the House; bipartisan tax relief bill still stuck in the Senate
February 9, 2024
Bipartisan tax package in limbo in the Senate; SALT relief held up in the House
February 2, 2024
Bipartisan tax bill clears House, but Senate prospects remain uncertain
January 26, 202
4Johnson preps for post-recess House vote on Smith-Wyden tax package
January 19, 2024
Bipartisan tax deal clears Ways and Means; March funding bill emerges as possible legislative vehicle
January 16, 2024 (Special Edition)
Smith-Wyden tax package includes business tax relief, child tax credit enhancements, and more
January 12, 2024
Some progress on tax deal, government funding pact, but challenges remain
December 21, 2023 (Special Edition)
JCT releases Blue Book for tax legislation enacted in the 117th Congress
December 15, 2023
Potential tax accord punted to 2024 as House adjourns for the holiday, Senate poised to follow suit
December 8, 2023
No apparent progress on near-term tax bill as end of legislative session approaches
December 1, 2023
Third-party payment processors and recipients get extra year of relief from stricter information reporting requirements
