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by Brownstein Hyatt Farber Schreck, LLP

GOP Lawmakers Prepare Expansive Tax-Reform Proposal. House Republicans are expected to unveil an economic-growth package in the coming weeks that will encompass tax provisions relevant to a broad cross-section of the U.S. economy. Last month, House Ways and Means Committee Chairman Jason Smith (R-MO) announced his intention to finalize the bill by his birthday, June 16.

While a partisan bill is unlikely to receive consideration in the Democratic-controlled Senate, the proposals offered by Republicans will lay the groundwork for the development of future bipartisan tax legislation in the 118th Congress. Moreover, the effort will kickstart the debate over extensions of certain Tax Cuts and Jobs Act (TCJA) provisions, which is expected to intensify in the lead-up to the expiration of the individual tax cuts in 2025.

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Treasury Department and IRS Solicit Feedback on Proposed Rules for Low-Income Communities Bonus Credit. The Treasury Department and Internal Revenue Service (IRS) issued proposed rules (REG-110412-23) on May 31 concerning the section 48(e) Low-Income Communities Bonus Energy Investment Credit Program established by the Inflation Reduction Act (IRA). Unlike other energy-tax incentives included in the IRA, the section 48(e) bonus credit operates through a maximum credit allocation. Accordingly, to receive credits under this provision, taxpayers must submit project applications for consideration under a competitive-award process opening later this year.

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Treasury Department and IRS Announce Updated Application Timeline for Advanced Energy Project Credit. The Treasury Department and IRS unveiled guidance (IRS Notice 2023-44) on May 31, setting out the application process and review criteria for the Advanced Energy Project Credit under section 48C.
The section 48C credit was refreshed by the Inflation Reduction Act (IRA), allowing for an additional allocation of $10 billion in credits, with $4 billion of the allocation earmarked for projects in certain energy communities. The credit follows a two-tier structure based on the satisfaction of the prevailing wage and apprenticeship requirements. Projects are eligible for a base credit of 6% and a maximum credit of 30% if the conditions are met.

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Senate Committee (Re)approves Chile Tax Treaty. The Senate Foreign Relations Committee voted 20-1 on June 1 to approve a measure to ratify the tax treaty between the United States and Chile. The treaty is expected to increase investment by U.S. and Chilean companies by reducing applicable taxpayers’ withholding tax rates on dividends, interest and royalties. The treaty also addresses concerns regarding multinational corporations’ ability to engage in certain tax-avoidance transactions. The treaty was negotiated and signed by the Obama administration in February 2010 but had been stalled pending Senate ratification for more than a decade.

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Treasury Department to Focus on Universal CAMT Guidance. Speaking at the Federal Bar Association’s Insurance Tax Seminar last week, Treasury Department Office of Tax Policy Attorney-advisor Angela Walitt discussed the agency’s plans for promulgating future guidance concerning the Corporate Alternative Minimum Tax. Walitt said that while “some industry-specific things” would be addressed in upcoming releases, the Treasury Department will focus on “more general answers” intended to apply industrywide. Notwithstanding the emphasis on more inclusive guidance, the Treasury Department and Internal Revenue Service (IRS) issued Notice 2023-20 earlier this year to provide interim guidance specifically for certain contracts relevant to insurance companies.

Biden Expected to Fill Long-Vacant IRS Chief Counsel Position. President Joe Biden announced his intention to nominate Marjorie Rollinson to serve as chief counsel for the Internal Revenue Service (IRS). Rollinson was previously IRS associate chief counsel (international) from 2016 to 2019, before exiting the government to take over as the deputy director of national tax at Ernst & Young. The chief counsel position is one of only two officials serving at the IRS that require Senate confirmation, and the role has remained vacant for the entirety of the Biden administration. If confirmed, Rollinson is expected to play a significant role in the ongoing implementation of the Inflation Reduction Act tax provisions.

Our thanks to Brownstein Hyatt Farber Schreck, LLP.

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About Brownstein Hyatt Farber Schreck, LLP
Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you’ll immediately recognize a different type of energy. Complacency doesn’t have a place here. Flexibility and inspiration do. Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients’ needs and provide them with the resources they require to meet their business objectives.
Stay safe and healthy,
Pat Soldano
President; Policy and Taxation Group
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