The One Big Beautiful Bill Act (the “Bill”), which was passed by the House of Representatives on May 22, 2025, contains a provision that, if enacted in its current form, would have a dramatic impact on the U.S. tax treatment...more
On May 22, 2025, the House of Representatives passed the “One Big Beautiful Bill Act” (the “Bill”) by a one vote margin. Set forth below is a summary description of some of the provisions of the Bill....more
5/23/2025
/ Business Taxes ,
Endowment Funds ,
Estate Tax ,
Federal Budget ,
GILTI tax ,
One Big Beautiful Bill Act ,
Proposed Legislation ,
SALT ,
State Taxes ,
Tax Deductions ,
Tax Legislation ,
Tax Rates ,
Tax Reform ,
Trump Administration
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This episode of Kelley Drye's Legal Download discusses some of...more
On September 13, 2021, the House Ways and Means Committee released draft legislation advancing a series of tax proposals (the “Ways and Means Tax Proposals”). This Client Advisory discusses some of these proposals....more
The Biden administration (the “Administration”) last week released the “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” commonly called the Treasury Department’s “Green Book.” The Green Book...more
In April 2021, New York State enacted legislation providing for a new elective pass-through entity (PTE) tax on partnerships and Subchapter S corporations. The 2017 Tax Cuts and Jobs Act generally limits an individual’s...more
The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress...more
The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress...more
The U.S. Senate and the House of Representatives have just passed the “Tax Cuts and Jobs Act” (the “Act"). President Trump is expected to sign the bill into law later this week. Once enacted, the Act will be the most...more
12/21/2017
/ Alternative Minimum Tax ,
Corporate Taxes ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
International Tax Issues ,
Local Taxes ,
Mortgage Interest ,
Net Operating Losses ,
Pass-Through Entities ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform
The U.S. Senate passed the “Tax Cuts and Jobs Act” early Saturday. The House of Representatives passed its version of this tax legislation on November 16th. The House and Senate will now begin the process of reconciling...more