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by Brownstein Hyatt Farber Schreck, LLP
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On Dec. 29, President Joe Biden signed the nearly $1.7 trillion Consolidated Appropriations Act of 2022 into law, funding the federal government through fiscal year 2023. This action came just one day before the second short-term continuing resolution was set to expire. The law contains 12 separate appropriations bills, providing a total of $772.5 billion in nondefense spending—a $42.5 billion increase in topline funding.
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Though lawmakers on both sides of the aisle had expressed support for a broad range of tax objectives, a deal could not be reached on any of these items. Despite failed efforts to include bipartisan tax provisions, lawmakers successfully attached retirement legislation to the bill—this is included within the SECURE 2.0 section of the bill. Provisions in this section seek to simplify the savings process and afford greater flexibility for individuals nearing retirement and those who have retired.
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The omnibus legislation also contains a slight funding decrease for the IRS, lowering the agency’s budget by $275 million to $12.3 billion for the coming year. This effort is a small success for Republicans who sought to limit IRS expansion after the agency was provided the nearly $80 billion over 10 years in additional funding through the Inflation Reduction Act (IRA)... (click to read more)
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Ongoing Controversy on Clean Vehicle Credit Implementation. Amid ongoing uncertainties surrounding several green-energy tax credits enacted through the IRA, the Internal Revenue Service (IRS) officially announced its intention to delay the publication of comprehensive draft guidance on the component requirements for the new Sec. 30D clean vehicle credit. In a notice issued on Dec. 29, the agency provided information concerning several terms associated with the credit. However, the IRS also informed taxpayers that regulators would need until March to properly draft rules on the strict critical mineral and battery requirements tied to the full $7,500 credit amount... (click to read more)
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McCarthy Announces New House Rules. Late last Sunday, Rep. Kevin McCarthy (R-CA) offered a proposed rules package in a last-minute attempt to quell ongoing dissent from hardline conservatives who oppose his bid for House leadership. Though these items have not appeared to sway some members of the House Freedom Caucus, several of these proposed rules are likely to significantly affect tax policy in the 118th Congress... (click to read more)
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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.
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Upcoming Events
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February 7: Minneapolis Family Office Group MNFOG, Minneapolis, MN
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March 9: U of Wisconsin, Madison, WI
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March 23: Maine FBC Event
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March 29: High Center FBC, Elizabethtown, PA
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- April 19 - 21: Transitions East, St Petersburg, FL
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Sign-Up For New Podcast: "Voice of Family Business on Capitol Hill" with host Pat Soldano.
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Join our growing family of podcast listeners by clicking on the links below to our new podcast, "The Voice of Family Business on Capitol," where each episode delves into the major issues facing family businesses and family business centers today. Subscribe by clicking on these links, or wherever you get your podcasts.
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a supporter.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Policy and Taxation Group
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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Have questions or would like more information about becoming a Supporter or donating? Please contact John Marino at [email protected].
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