Tag Archive for Legislative Update From Capitol Hill

A Legislative Update from Capitol Hill: Continuing Coverage of 2015 Comprehensive Tax Reform

On Wednesday, March 18th the Republican leaders of Congress’s two main tax committees, the House Ways and Means Committee Chairman Paul Ryan, R-Wis., (hereinafter “Ryan”) and the Senate Finance Committee Chairman Orin Hatch, R-Utah, (hereinafter “Hatch”) wrote a letter to the Treasury Secretary Jacob Lew (hereinafter “Lew”) urging him to avoid pursuing an executive action by President Barack Obama (hereinafter “Obama”) on major tax reform in 2015.

The letter comes in direct response to a statement by the White House Press Secretary Josh Earnest (hereinafter “Earnest”) earlier this month suggesting that Obama might be open to using his executive authority to overhaul the tax code and close select tax loopholes for large corporations. The White House spokesman was probed by a reporter Read More

Written by | Posted in Tax Policy • Treasury Regulations

A Legislative Update From Capitol Hill

On Thursday, June 12th the House passed the subsequent bills designed to provide substantial tax benefits to businesses:

• H.R. 4457, passed by a vote of 272 to 144, entitled the “America’s Small Business Tax Relief Act of 2014,” would permanently extend I.R.C. § 179 expensing of up to $500,000 after the bonus depreciation limit expired last year; and
• H.R. 4453, passed by a vote of 263 to 155, entitled the “S Corporation Permanent Tax Relief Act of 2014,” makes permanent the shortening of the built-in gains tax-holding period for S corporations from 10 years to 5 years to give S corporations quicker access to capital. It further contains a basis adjustment fix for charitable contributions made by S corporations. Read More

Written by | Posted in Corporate • Small Business