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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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Debt-Limit Increase Discussions Commence After Negotiators Mark Their Turf. President Joe Biden met with congressional leaders at the White House earlier this afternoon, May 9, to discuss increasing the debt limit and simultaneous legislative action on deficit reduction. House Speaker Kevin McCarthy (R-CA), House Minority Leader Hakeem Jeffries (D-NY), Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) each staked out their positions and views on the negotiations. Read more.
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Senators Introduce Taiwan Tax-Treaty Legislation. Sens. Bob Menendez (D-NJ), Jim Risch (R-ID), Chris Van Hollen (D-MD) and Mitt Romney (R-UT) introduced legislation, (S. 1457), that would allow for congressional consideration of a tax agreement between the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office (TECRO) and would authorize President Joe Biden to sign a tax treaty with Taiwan. Semiconductor manufacturers currently face double taxation from business operations in the United States and Taiwan. A tax treaty between the two countries would address that issue and, presumably, create a formal mechanism for resolving disputes. No immediate action is planned on the legislation. This legislation follows the CHIPS Act of 2022, which included a broad range of incentives to support the domestic manufacture of semiconductors. Explore in more depth.
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Second Round of Advanced Energy Project Credit Allocations Expected in 2024. Jennifer Bernardini, an attorney-advisor in the Treasury Department’s Office of Tax Policy, indicated that the second round of allocations under the section 48C advanced energy project tax credit is expected to be made in 2024. The tax credit program, which requires interested parties to apply for a portion of the credit allocation, was originally enacted in 2009. The program was revitalized as part of the Inflation Reduction Act with $10 billion of credits allocated to qualifying taxpayers, of which $4 billion is set aside for advanced energy projects in designated energy communities. Read more.
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Solar Tariff CRA Passes Senate. On May 3, the Senate voted 56-41 to pass a Joint Resolution to rescind the Biden administration’s two-year pause on tariffs for imports of solar equipment from certain Southeast Asian countries. Nine Democratic senators, including Sens. Joe Manchin (D-WV) and Ron Wyden (D-OR), sided with the majority of the Republican Conference in support of the measure. The action followed an earlier 221-202 approval of the resolution in the House. The resolution utilizes the Congressional Review Act (CRA) to revoke a September 2022 Commerce Department rule that had suspended tariffs against panels assembled in Cambodia, Malaysia, Thailand or Vietnam using parts and components manufactured in China. Notwithstanding the congressional effort, President Joe Biden pledged to veto the legislation in a statement of administration policy issued on April 24. It is unlikely that Congress will find the votes to override the president’s promised veto. Learn 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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MAY 16: Family Business Centers Executive Directors meeting and Second CAUCUS meeting, Washington, D.C.
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MAY 17: Private Directors Governance Summit and Hill meetings, Washington, D.C.
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May 23: Family Office Symposium, Washington, D.C.
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June 1: Chicago Loyola Family Business Center, Chicago, IL
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June 2: PATG event in Minneapolis, MN
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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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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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