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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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Treasury and IRS Issue Interim Guidance on IRA Domestic-Content Bonus Credit. The Treasury Department and the Internal Revenue Service (IRS) released IRS Notice 2023-38 (“Notice”) on May 12, providing interim guidance on domestic-content requirements under the Inflation Reduction Act (IRA). The Notice applies to the new bonus credit available for energy facilities, projects and energy-storage technologies otherwise qualifying for the current or tech-neutral production tax credits (PTCs under sections 45 or 45Y) or the current or tech-neutral investment tax credits (ITCs under section 48 or 48E). While not explicitly addressed, the Notice presumably ... (Click here to find out more)
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Senate Democrats Scrutinize Tax Practices of Pharmaceutical Companies, While Republicans Take Aim at Pillar Two. On Thursday, May 11, the Senate Finance Committee held a hearing that was intended to discuss the perceived tax avoidance by multinational pharmaceutical companies in the wake of the 2017 Tax Cuts and Jobs Act (TCJA). However, none of the Republican lawmakers in attendance focused on pharmaceutical-industry-specific issues... (See full report)
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Bicameral Tax Writers Assert Jurisdiction Over Development of Taiwan Tax Agreement. Last week, the chairmen and ranking members of the House Ways and Means and Senate Finance committees issued a joint statement in favor of modifying the tax code to alleviate double taxation between the United States and Taiwan. The renewed interest in legislative action comes as lawmakers from both parties seek to expand trade with Taiwan to counter China’s growing economic and military strength. While the tax writers support the development of ... (Find out more)
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OECD Says Pillar One Agreement Likely in July. At the Tax Council Policy Institute conference last week, Manal Corwin, director of the Centre for Tax Policy and Administration at the Organisation for Economic Co-operation and Development (OECD), said the text of the Pillar One multilateral convention (MLC) would likely be published by the end of July. Corwin noted that the release of the MLC hinges on agreement from the OECD/G20 Inclusive Framework, but “[g]iven the progress to date and the constructive engagement among ... (Get more info)
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Gillibrand Questions Werfel on the IRS’ Ongoing ERTC Delay. Earlier this month, Sen. Kirsten Gillibrand (D-NY) sent a letter to Internal Revenue Service (IRS) Commissioner Danny Werfel requesting an update regarding the current backlog of Employee Retention Tax Credit (ERTC) claims. In her letter, Sen. Gillibrand noted that she continues “to hear from New York businesses that have yet to receive their tax refunds for claims filed during the 2021 and 2022 tax seasons.” Sen. Gillibrand says that the ERTC was intended to be delivered quickly to ensure businesses could survive difficult economic conditions spurred by the COVID-19 pandemic and should be prioritized to protect local businesses. While the letter highlights administrative delays that may have occurred at the IRS due to historic underfunding, it suggests that recent funding provided to the agency from the Inflation Reduction Act should now ... (See full article)
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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
- 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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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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