On The Hill

Tax Update (November 2)

956 Regulations: The Department of the Treasury submitted proposed regulations to the Federal Register that would revise the rules relating to investments in U.S. property under section 956 to reflect changes enacted in the Tax Cuts and Jobs Act.[i] Treasury and the Internal Revenue Service (IRS) determined that, following the enactment of the participation exemption system…
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Trade Update (November 2)

  US-Mexico-Canada Agreement (USMCA)    The US International Trade Commission (ITC) will hold a hearing entitled “United States-Mexico-Canada Agreement: Likely Impact on the US Economy and on Specific Industry Sectors” on November 15. The deadline for requests to appear at the hearing were due on Monday (Oct 29), but written submissions for the record can be submitted…
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Tax Update (October 26)

  Trump’s 10% Tax Cut: President Donald Trump has promised a 10 percent tax cut for the middle class, but the administration has been short on details thus far. House Ways and Means Committee Chairman Kevin Brady (R-TX) is willing to work with the president to accomplish this goal. In a statement[i], Brady said he has…
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Trade Update (October 26)

  Senator Portman Speaks at Heritage Foundation Trade Event   Senator Rob Portman (R-OH) spoke at The Heritage Foundation’s “US Automotive Industry Needs Free Trade” event on Tuesday (23 Oct). Before being elected to the Senate, Portman served as US Trade Representative in the George W. Bush administration. During his speech, he discussed a variety of trade…
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Health Update (October 26)

  Opioid Epidemic This week, President Trump signed H.R. 6, the sweeping opioids legislative package. The legislation comes just a year since the president declared the opioid epidemic a public health emergency, and the bill he signed on Wednesday is one of the most bipartisan bills passed in the 115th Congress. President Trump praised the work of…
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Tax Update (October 19)

Treasury Releases 2019 Regulatory Plan: This week, the Treasury Department released their regulatory plan for 2019. The plan identifies 17 regulatory projects regarding implementation of the 2017 Tax Cuts and Jobs Act as a “first priority.”[i] It states that “the IRS and Treasury’s Office of Tax Policy will continue to . . . eliminate, or in…
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Trade Update (October 19)

New Trade Deals   At the direction of President Trump, U.S. Trade Representative (USTR) Robert Lighthizer notified Congress that the Trump administration plans to negotiate three separate trade agreements with Japan, The European Union, and the United Kingdom. The notification follows the procedures outlined in the Bipartisan Congressional Trade Priorities and Accountability Act of 2015, which…
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Health Update (October 19)

Opioid Legislation   It is widely expected that President Trump will sign H.R. 6, the sweeping opioids package recently passed by Congress, at a White House ceremony next Wednesday. While no administration officials have confirmed the plans, an invitation from the White House says the event will “focus on a year of historic action to combat…
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Trade Update (October 5)

US, Mexico, Canada Agreement (USMCA) Canada and the US reached an agreement on NAFTA 2.0, despite reports the two countries were unlikely to meet the US-imposed September 30th deadline.  USTR Lighthizer and Canadian Foreign Affairs Minister Freeland announced, “Today, Canada and the United States reached an agreement, alongside Mexico, on a new, modernized trade agreement…
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Tax Update (October 5)

  965 Regulations: Earlier this week, the Treasury Department and the IRS released Notice 2018-78[i], which provides guidance on basis elections for purposes of the transition tax under section 965. The notice states that basis elections will not be required to be made until 90 days after the publication of final regulations providing guidance on…
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Health Update (October 5)

Opioids Package The largest legislative response to the opioid crisis is one step closer to becoming law. This week, the Senate passed the comprehensive package, sending it to President Trump’s desk for signature. Last week, the House voted 393-8 to pass the legislation, which represents the culmination of several months of bipartisan work in the House and…
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Health Update (September 28)

  Today (September 28th), President Trump signed the Labor-HHS-Education/Defense spending package, avoiding a government shutdown at the end of this month. As reported last week, the bill contains a continuing resolution to fund any government expenditures not appropriated by September 30th, setting a new funding deadline of December 7th. The bill was signed in a small ceremony…
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Chairman Brady on Tax Reform 2.0, “Technicals” and TCJA Refinements

House Ways and Means Chairman Kevin Brady (R-TX-08) addressed a lobbyist group on Wednesday, September 26, after meeting with the House Republican conference to discuss the bills that comprise Tax Reform 2.0.   H.R. 6756 — American Innovation Act of 2018   H.R. 6757 — Family Savings Act of 2018   H.R. 6760 – Protecting…
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Trade Update (September 21)

Section 232 The Department of Commerce Bureau of Industry and Security (BIS) published an interim final rule regarding the Section 232 steel and aluminum exclusion process.  The announcement requested that interested parties submit their comments by November 13, 2018.  The new rule would modify the interim final rule published on March 19, 2018 by adding…
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Tax Update (September 21)

OECD Ambassador CHCG actively worked with Senator Scott’s office on his letter[i] calling for President Trump calling to nominate an Organisation to the Economic Cooperation and Development (OECD) Ambassador to push back on the EU’s proposed digital tax[ii]. A few weeks later, The White House selected a nominee, Pamela Bates[iii]. Bates served for 24 years as a…
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