Tax News & Views - August 1, 2014
Vol. 15, No. 29
Tax Policy Group, Deloitte Tax LLP
- Short-term highway funding fix heads to the White House – With the August recess looming, the Senate approved and sent to President Obama a House-passed bill intended to replenish the rapidly dwindling Highway Trust Fund and extend its spending authority into 2015.
- Corporate insourcing/outsourcing bill stalls in Senate – The Senate failed to advance legislation that would provide a 20 percent tax credit for certain expenses related to relocating an offshore business unit to the United States and deny deductions for certain expenses related to eliminating a business unit located within the United States and relocating it offshore.
- Camp promises bipartisan offsets for ABLE Act – House Ways and Means Committee Chairman Dave Camp said that he was committed to finding bipartisan offsets to pay for legislation that would create tax-preferred savings accounts that would allow individuals with disabilities and their caregivers to pay for certain qualified disability expenses.
- Ways and Means panel looks at dynamic score of tax reform – Several economists speaking at a recent House Ways and Means Select Revenue Measures Subcommittee hearing recommended that congressional scorekeepers employ dynamic analysis to help taxwriters judge the best policies to encourage economic growth and defended its use in estimating the effects of the tax reform discussion draft that Ways and Means Committee Chairman Dave Camp unveiled earlier this year.
- Bill would mandate disclosure of tax treatment of settlements between taxpayers and federal agencies – The Senate Homeland Security and Governmental Affairs Committee approved bipartisan legislation that would, among other provisions, require public disclosure of information regarding the tax treatment of nonconfidential settlement agreements reached between taxpayers and federal agencies that involve more than $1 million in payments.
- Lawmakers hint at post-recess agenda – As Congress prepared to leave Washington for a five-week district work period, House and Senate leaders offered hints on some of the tax issues that could see floor action when the legislative session resumes on September 8.
- A note on our publication schedule – Tax News & Views will publish during the upcoming congressional recess (through September 5) as events warrant.
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