On July 3, the House adopted the Senate substitute to H.R. 1, the One, Big, Beautiful Bill Act (OBBBA) by a vote of 218-214. The bill was signed into law on July 4, 2025 and is now Public Law 119-21....more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more
On Thursday, March 9, President Joe Biden released his $6.9 trillion Budget and various accompanying documents. Separately, the Treasury Department released its Green Book, which provides more detailed descriptions of the tax...more
Earlier today, the White House released its fiscal year (FY) 2024 budget request to Congress. Overall, it proposes $6.9 trillion in total spending, including a proposed $880 billion for defense and approximately $992 billion...more
Debt Limit Negotiations Stall as Treasury Department Begins Extraordinary Measures. On Jan. 19, the U.S. government reached its $31.4 trillion borrowing limit, which was signed into law by President Joe Biden late last year....more
2/10/2023
/ Data-Sharing ,
International Tax Issues ,
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New Legislation ,
Oil & Gas ,
Proposed Legislation ,
SECURE Act ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
U.S. Treasury ,
Ways and Means Committee
Legislative Lowdown -
Last-Minute Attempt to Revive Permitting Legislation. According to sources familiar with the matter, several moderate lawmakers from both parties are pushing to include energy-permitting reform...more
12/8/2022
/ Corporate Taxes ,
Electric Vehicles ,
Energy Tax Incentives ,
EU ,
Income Taxes ,
IRS ,
Legislative Agendas ,
New Legislation ,
Pending Legislation ,
Proposed Legislation ,
Tax Liability ,
Tax Planning ,
Tax Reform
LEGISLATIVE LOWDOWN -
Congress Advances Towards CR as Deadline Approaches. Yesterday, Senate Democrats proposed legislation to fund the federal government through Dec. 16 with the use of a continuing resolution (CR). The...more
9/29/2022
/ China ,
Corporate Taxes ,
Energy Tax Incentives ,
Financial Services Committee ,
Hydrogen Power ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Life Insurance ,
New Legislation ,
Proposed Legislation ,
Senate Banking Committee ,
Senate Finance Committee ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
Democrats’ Latest Push for an Expanded CTC. With the year-long effort to legislate a comprehensive energy, healthcare and tax bill finally completed, many Democratic lawmakers and members of the administration have fully...more
9/21/2022
/ Child Tax Credit ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Legislative Agendas ,
New Legislation ,
Pending Legislation ,
Proposed Legislation ,
Tax Liability ,
Tax Planning ,
Tax Reform
In an unexpected statement last Wednesday, Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) jointly announced that they had reached a preliminary agreement on a roughly $750 billion budget...more
Build Back Better Outlook. Congressional Democrats are still hoping they can pass some version of the Build Back Better Act (BBBA), the budget reconciliation vehicle to advance some of President Joe Biden’s legislative...more
6/24/2022
/ Bipartisan Agreement ,
Corporate Taxes ,
Federal Trade Commission (FTC) ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Pending Legislation ,
Proposed Legislation ,
Senate Committees ,
Tax Reform ,
Ways and Means Committee
The House and the Senate reconvene Tuesday at 2 p.m. and Monday at 3 a.m., respectively....more
Replacing Reed? Rep. Tom Reed (R-NY), a member of the House Ways and Means Committee, resigned from Congress last week. As of this writing, Republicans have not indicated when—or whether—they will fill the vacancy left by...more
The House and Senate will reconvene Tuesday at 2 p.m. and Monday at 3 p.m., respectively....more
LEGISLATIVE LOWDOWN -
Bipartisan Innovation Act: More Tax Talk. The conference committee to reconcile the House-passed America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength Act...more
5/5/2022
/ Bipartisan Agreement ,
Corporate Taxes ,
Federal Trade Commission (FTC) ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Pending Legislation ,
Proposed Legislation ,
Senate Committees ,
Tax Reform ,
Ways and Means Committee
The House and Senate will reconvene Tuesday at 2:00 p.m. and Monday at 3:00 p.m., respectively....more
The Senate Finance Committee released its draft tax provisions on Dec. 11 for the Build Back Better Act (BBBA). This draft is substantively similar to the House version that passed on Nov. 19, although Senate Democrats made...more
Tax Tidbit -
Year-End Legislative To-Dos. Washington has been consumed by President Joe Biden’s twin legislative vehicles: the Infrastructure Investment and Jobs Act and the Build Back Better Act—only one of which has been...more
On Monday, Sept. 13, House Ways and Means Committee Chair Richard Neal (D-MA) introduced the final portion of the committee’s budget reconciliation recommendations. This alert provides a comprehensive summary and analysis of...more
On Friday, Sept. 10, House Ways and Means Committee Chair Richard Neal (D-MA) released the second tranche of the panel’s recommendations for budget reconciliation—the package through which Democrats aim to enact policies in...more
On Friday, May 28, the Biden administration released its fiscal year (FY) 2022 budget request (“Budget”) and the following accompanying documents.
- Fact Sheet. Six-page summary of various proposals in the Budget.
-...more
On April 5, Senate Finance Committee Chair Ron Wyden (D-OR), as well as Sens. Sherrod Brown (D-OH) and Mark Warner (D-VA), offered an international tax framework as a starting point to discussions on revamping the current...more
On Thursday, Jan. 14, President-elect Joe Biden unveiled the American Rescue Plan (ARP)—a $1.9 trillion COVID-19 relief proposal his administration will pursue shortly after taking office on Wednesday, Jan. 20.
The...more
With Election Day barely a month away, Brownstein’s National Tax Policy Team has compiled an analysis on the policy implications of various outcomes. The slides found here outlines tax-related legislative priorities in the...more
As the U.S. economy grinds to a halt, the Senate’s Phase Three negotiations have continued past the Republicans’ self-imposed deadline. In the meantime, House Democrats have unveiled Phase Three legislation of their own,...more