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House GOP Offers Repeal of Green-Energy Tax Credits and Expanded IRS Funding in Initial Debt-Ceiling Proposal. On Wednesday, April 19, House Republicans released the text of their proposal to avert the impending government default—the Limit, Save, Grow Act. The 320-page bill would raise the debt limit by $1.5 trillion or through March 2024, whichever comes first.
Republicans estimate their package would also lower the federal deficit by $4.5 trillion over the next decade by modifying several tax incentives, rescinding unspent COVID-19 appropriations and imposing work requirements on certain federal entitlement programs.
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A significant portion of the long-term reduction in spending is achieved through a proposed reversal of every green-energy tax provision of the Inflation Reduction Act (IRA). This would effectively reset the energy-incentive landscape to the pre-IRA regime. Although the proposal would leave certain legacy energy investment and biofuel/electricity production tax credits intact at lower amounts, it would allow them to expire in 2024 and 2022, respectively. The proposed blanket repeal is a nonstarter for Democrats and is expected to sew further uncertainty in the renewable-energy sector. Moreover, as a result of this proposal, a greater percentage of energy producers are expected to elect to receive one-time investment tax credits due to increasing doubt in the long-term viability of current annually calculated production-based incentives. (Read the rest of the story)
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Republican Proposal Faces Internal Frustration and Outright Rejection from Democrats. The GOP debt-limit package is not expected to receive endorsement from any Democrats in its present form and will undoubtedly fail to amass sufficient support to pass in the current divided government. However, the proposal provides the House Republicans an opening stance in budget negotiations, which are expected to continue in the lead-up to the July or August “x date”—after which point the Treasury Department may not be able to fulfill all of the government’s obligations. (Read the rest of the story)
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Lawmakers Introduce Business Tax-Incentive Extensions in Preparation for Potential Bipartisan Effort. Last week, bipartisan coalitions of House and Senate lawmakers introduced legislation to make permanent a pair of expired business incentives originally enacted in the Tax Cuts and Jobs Act (TCJA). While these standalone tax bills will not garner sufficient support to pass on their own, they may represent a renewed willingness by members to consider tax legislation in the 118th Congress. (Read the rest of the story)
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House Republicans Target High Costs of Green-Energy Tax Incentives. On April 19, the House Ways and Means Committee held a hearing concerning the Inflation Reduction Act (IRA) renewable-energy tax credits. In the hearing, committee Chairman Jason Smith (R-MO) referenced recent private-sector reports estimating the cost of green-energy tax incentives to be significantly higher than official budget predictions. Smith also expressed concern that the tax credits would “overwhelmingly flow into the pockets of large financial institutions, more so than any other industry.” (Read the rest of the story)
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Manchin Criticizes DOE’s Role in Green-Energy Tax Credit Implementation. At a Senate Committee on Energy and Natural Resources hearing last week, Secretary of Energy Jennifer Granholm testified on the Biden administration’s fiscal year 2024 budget request for the Department of Energy (DOE). In his opening statement, committee Chairman Joe Manchin (D-WV) expressed “concern that the DOE is asking for a more than 13% increase from 2023,” even though the agency received significant funding in recent legislation. (Read the rest of the story)
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Brown and Hassan Working on Bill to Raise 1099-K Reporting Requirements. Last week, Sen. Sherrod Brown (D-OH) told reporters that he is working with Sen. Maggie Hassan (D-NH) on legislation to increase the current 1099-K reporting threshold to $10,000. Brown said that he and Hassan “expect Republicans to join [them] on [the bill],” and although “some people want to do a different number, … $10,000 seems to be an agreed-upon number.” (Read the rest of the story)
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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
- April 27-28: Prairie Family Business Center Annual Gala Event, Sioux Falls, SD
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May 3: Family Business Association Annual meeting, Sacramento, CA
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May 10-12: Family Office Club Event, New York, NY
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May 10: High Center Directors, virtual
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- May 10: PATG/FEUSA Event and Presentation at SPB, New York, NY
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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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