U.S. corporations are going to war in Washington over a Republican “border adjustment” tax proposal meant to boost exports over imports, with lawmakers in Congress coming under pressure from some of the nation’s biggest employers. The political split that is opening, most pronounced in the narrowly divided Senate, could doom the proposal. If it dies, prospects for a thorough tax code reform, a top 2017 goal for Republicans, would be diminished.
Tag Archive for House of Representatives
On Thursday, June 18th The House of Representatives passed H.R. 160 entitled “The Protect Medical Innovation Act of 2015” (hereinafter “PMIA”) by a vote of 280 to 140 in an attempt to repeal the medical device excise tax that was introduced in H.R. 3590 entitled “The Patient Protection and Affordable Care Act of 2010” (hereinafter “PPACA”).
PMIA was introduced by Republican Erik Paulsen, R-Minn., a member of the tax-writing House Ways and Means Committee. PMIA aims to repeal the 2.3 percent excise tax on medical devices, such as pacemakers and operating-room monitors. The legislation now heads to the Senate floor for deliberations where repealing the medical device tax also has bipartisan support. Republican Erik Paulsen indicated in a statement “as a country, we take great pride in our ability to create, invent, and innovate—especially when it comes Read more
On Tuesday, June 9th The House of Representatives passed H.R. 235 entitled the “Permanent Internet Tax Freedom Act” (hereinafter “PITFA”) by voice vote permanently banning states from taxing internet access or placing multiple or discriminatory taxes on e-commerce. It should be duly noted that the PITFA legislation would simply remove the current end date of October 1st of 2015 from the Internet Tax Freedom Act which was originally signed into law in 1998.
PITFA’s bipartisan legislative intent is clearly aimed at keeping the current moratorium on taxes on internet access in place and extending it indefinitely. As a historical synopsis, Congress passed a temporary moratorium on multi-state taxes collected for internet access back in 1998. The ban has been extended numerous times in the 17 years since, Read more
The Research & Experimentation Tax Credit To Be Made A Permanent Statute Through The Jobs For America Act of 2014
On September 22nd, The House of Representatives passed, by a vote of 253 to 173, HR 4 entitled “The Jobs for America Act of 2014” (hereinafter “JAA”) , which would simplify and make permanent the I.R.C. § 41 Research and Experimentation Tax Credit (hereinafter “RTC”) on a retroactive basis. JAA also includes several other provisions previously approved by the House of Representatives to extend retroactively and on a permanent basis bonus depreciation; I.R.C. § 179 expensing; select S corporation provisions; and to repeal retroactively the medical device excise tax.
Among other changes to RTC, the bill would increase the Alternative Simplified Credit methodology (hereinafter “ASC”) rate to 20% and eliminate the “Regular” methodology option under Section A of Form 6765. This action by the House of Representatives is part Read more