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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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On Saturday, May 27, House Speaker Kevin McCarthy (R-CA) and President Joe Biden reached an agreement to suspend the debt ceiling until January 2025 in conjunction with new spending reforms intended to reduce the federal deficit.
Text of the 99-page bill, called the Fiscal Responsibility Act (FRA), was released the following day, beginning the countdown imposed by a House rule that requires legislation to be made available to lawmakers for at least 72 hours before it can be considered on the floor.
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The bill would rescind $1.4 billion of the supplemental funding provided to the Internal Revenue Service (IRS) by the Inflation Reduction Act (IRA). The cut is significantly reduced from Republicans’ initial proposal included in the Limit, Save, Grow (LSG) Act to repeal $71 billion in IRS funding—nearly 90% of the total IRA allocation. However, in addition to the small statutory clawback, the White House informed lawmakers on Sunday of its “handshake agreement” with House Republicans to redesignate an additional $20 billion of the IRS’s pot of IRA funding for “other non-defense priorities” (more below).
The FRA does not include any tax provisions, despite last-minute requests from the Biden administration to increase federal revenue by eliminating perceived “loopholes” and tax subsidies used by the fossil-fuel industry. Notably, none of the proposals included in the LSG Act to repeal most of the IRA green-energy tax incentives were embraced in the final FRA agreement.
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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 31: Penn State FBC
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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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June 13: Presentation in Hilton Head, SC Hosted by Dividend Capital
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- JUNE 14 to 16: FAMILY BUSINESS CENTERS Executive Directors ALLIANCE, Wake Forest, NC
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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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