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If you have any questions or concerns, please use the contact information provided in this email as this inbox is not monitored for replies.
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House Tax-Writing Committee Advances GOP Economic Bills. The House Ways and Means Committee approved a trio of Republican tax bills along party lines during a markup last week. The economic-growth package, which is comprised of the Tax Cuts for Working Families Act (H.R. 3936), the Small Business Jobs Act (H.R. 3937) and the Build It in America Act (H.R. 3938), incorporates several tax proposals that were previously offered by Republican committee members as standalone bills earlier this year. For Brownstein’s full summary of the tax package, click here.
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Democratic lawmakers offered several amendments to the bills throughout the markup, but none were adopted due to unanimous rejection from the Republican majority. Several Democrats targeted the proposed repeal of several green-energy tax credits; Reps. Dan Kildee (D-MI) and Earl Blumenauer (D-OR) offered amendments to maintain the current clean-vehicle and electricity tax credits. Rep. Lloyd Doggett (D-TX) proposed adding a provision that would apply the global intangible low-taxed income (GILTI) regime on a “country-by-country” basis instead... (would you like to know more?)
Wyden Expands Investigation into PGA’s Tax Status. Senate Finance Committee Chairman Ron Wyden (D-OR) issued a letter to the leadership of the PGA Tour on June 15 requesting information on the organization’s reported merger with LIV Golf. Chairman Wyden claimed that the agreement with the Kingdom of Saudi Arabia’s Public Investment Fund (PIF), which funds LIV Golf, may affect the PGA’s tax structure and have “implications for data privacy, national security and ... (Want to learn more?)
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Guidance Package on Monetizing IRA Tax Credits. The Treasury Department and Internal Revenue Service (IRS) on June 14 released a package of guidance to implement new options for taxpayers to monetize energy credits enacted as part of the Inflation Reduction Act (IRA, Pub. L. 117-169), including...(Would you like further details?)
Guidance Released on Energy-Community Bonus Credit. The Treasury Department and IRS released additional guidance on June 15 regarding the energy-community bonus credit enacted as part of the IRA. Notice 2023-45 clarifies and supplements Notice 2023-29, issued on April 4, which provides interim rules for identifying qualifying areas for the bonus credit as well as clarifications regarding timing and location requirements for the increased credit amounts available to facilities and clean-energy projects located in an energy community. The notices, along with the accompanying Frequently Asked Questions, are expected to be reflected in forthcoming proposed... (Would you like further details?)
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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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June 29: Pacific FBC , U of Northern Iowa, Virtual
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July 11: University of Toledo, Virtual
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July 21: Breakfast event, University of Cincinnati
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July 26: HR and related topics webcast, Mack International, Virtual
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August 9: FEUSA/PATG luncheon event, Denver, CO
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August 10: Family Office Presentation, Chattanooga, TN
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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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