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Tax News & Views - July 18, 2014

Vol. 15, No. 27


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Tax News & ViewsAuthor
Tax Policy Group, Deloitte Tax LLP

  • Wyden open to near-term inversion bill as Treasury calls for immediate action – The debate over corporate inversions heated up again as Senate Finance Committee Chairman Ron Wyden, D-Ore., said he no longer wants to wait for tax reform to address the issue and the Treasury Department called on Congress to take immediate retroactive action.
  • House OKs Highway Trust Fund patch; Senate to vote on multiple plans – The House approved legislation that would replenish the rapidly dwindling Highway Trust Fund and extend its spending authority into 2015; meanwhile, Senate leaders announced that lawmakers in that chamber would vote on three competing short-term plans to keep the trust fund in the black.
  • House approves permanent charitable giving extenders – The House approved unpaid-for legislation that would permanently extend the now-expired deduction for charitable contributions of food inventory, provisions related to qualified charitable distributions from retirement accounts, and special rules for qualified contributions of conservation easements; give taxpayers additional flexibility in claiming their deductions for charitable contributions; and simplify the excise tax on investment income of private foundations.
  • House approves permanent Internet tax moratorium – The House approved legislation that would permanently extend the current-law moratorium on state and local Internet access taxes and multiple and discriminatory taxes on electronic commerce.
  • Long-term debt, deficit approaching unsustainable levels, CBO says – New estimates from the Congressional Budget Office suggest that if current tax and spending laws remain in effect, U.S. debt and deficit levels will drop slightly as a percentage of gross domestic product in the near term but will be on the increase by 2024 and reach levels by 2039 that “could not be sustained indefinitely.”

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