Deloitte International Tax: Legislative Resource Center |
On February 13, 2012, the Obama Administration released its (FY) 2013 Budget and the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2013 Revenue Proposals (the “Greenbook”). When compared to the (FY) 2012 Budget, the (FY) 2013 Budget contains several carryover international tax proposals from the (FY) 2012 Budget. It also includes four new proposals. Unless otherwise indicated, all international tax proposals are proposed to be effective for taxable years beginning after December 31, 2012.
Building on principles laid out by President Obama in his January 2012 State of the Union address, the (FY) 2013 budget package would provide tax incentives for domestic manufacturers, continue current law tax rates for middle income taxpayers and shift the tax burden to multinationals and upper income individuals. The Budget does, however, propose extending several expiring taxpayer-friendly provisions, including the controlled foreign corporation look-through and active financing exceptions.
As these proposed tax provisions undergo congressional scrutiny and public debate, Deloitte Tax will track developments and provide ongoing analysis to keep you informed and up to date. We invite you to bookmark our Resource Center page to keep abreast of new developments and we encourage you to contact our tax service professionals if you wish to discuss the potential impact of these provisions on your business.
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Deloitte Tax's newsletter provides a high-level perspective on significant tax developments coming out of Congress, the IRS and the federal courts.
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Tax Alerts
Prepared by Deloitte Tax professionals, these alerts provide timely commentary and analysis on tax developments affecting cross-border transactions.
- February 14, 2012 – IRS amends application of Section 367 to Section 304 transactions
- February 14, 2012 – Administration FY2013 Budget and Treasury descriptions of international tax proposals (Greenbook) released
- February 13, 2012 – Temporary and proposed dividend equivalent regulations issued under §871(m)
- October 27, 2011 – Representative Camp releases draft bill rewriting the U.S. tax rules on foreign income of U.S. multinationals
- September 26, 2011 – White House releases draft statutory language on growth plan
- September 20, 2011 – President submits deficit reduction plan to supercommittee
- September 13, 2011 – White House releases details of Jobs Act
Deloitte Tax Perspectives
- Section 965: Comparison of Recent Proposals ― Members of both the U.S. House and Senate have proposed legislation in recent years that would provide a temporarily reduced tax rate for corporate earnings repatriated from overseas.
- Resetting the Code: Issues in Corporate Tax Reform ― Read about the choices Congress will confront in reforming the tax code, how corporate taxpayers can anticipate reform, navigate the transition, and thrive post-reform.
- The Gathering Storm - Tax & Spending Implications of the Federal Deficit Crisis ― This publication explores the role tax policy may play as the nation addresses debt and deficit challenges. Examines possible spending components of a deficit reduction plan and discusses options to reform tax laws to increase revenue through existing income taxes or from alternative sources.
- Changing the Rules - Multinational Tax Hikes Pay for Spending Priorities ― This report examines the impact of the new tax provisions on multinational taxpayers and considers how this shift in the pay-as-you-go budgeting calculus could affect revenue-raising risks for the business community going forward.
- Staying in Place: Congress Extends the Bush Tax Cuts ― This report looks at the provisions in the legislation and what taxpayers can do now to take advantage of the significant tax planning opportunities it presents.
The Joint Committee on Taxation
U.S. Treasury Publication
- General Explanations of the Administration’s FY 2012 Revenue Proposals (the “Greenbook”).
The Treasury released the Greenbook, providing descriptions of international tax proposals, announced by the President on February 14. - General Explanations of the Administration’s FY 2011 Revenue Proposals (the “Greenbook”) and a table comparing the revenue raised in the FY 2010 and FY 2011 budgets.
The Treasury released the Greenbook, providing details with respect to the two new international tax proposals and one eliminated, announced by the President on February 1. - General Explanations of the Administration's FY 2010 Revenue Proposals (the “Greenbook”)
The Treasury released the Greenbook on May 11, providing details with respect to the international tax proposals announced by the President on May 4. Among other things, the Green Book describes seven international tax proposals that were not announced on May 4.
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