Tax News & Views - March 22, 2013
Vol. 14, No. 15
Tax Policy Group, Deloitte Tax LLP
- House, Senate make headway on FY 2014 budget plans, continuing resolution – With the prospect of the spring recess looming, Congress was poised to check several budget items off its punch list as the House approved a Republican-sponsored budget resolution for fiscal 2014, the Senate was on track to clear a Democratic fiscal 2014 budget blueprint of its own, and both chambers okayed a continuing resolution to fund government operations for the remainder of the current fiscal year.
- Witnesses offer praise – and some suggestions – for Camp’s financial products discussion draft – Witnesses at a House Ways and Means Select Revenue Measures Subcommittee hearing generally praised the proposed reforms to the tax treatment of financial products – including a proposal to subject derivatives to mark-to-market taxation – that were included in a discussion draft of legislation recently put forward by Ways and Means Committee Chairman Dave Camp, R-Mich.
- Finance Committee’s first tax reform options paper addresses tax simplification – The Senate Finance Committee released a paper outlining options for streamlining tax administration and simplifying the tax code that taxwriters may consider as they develop a proposal to reform the federal tax system.
- Ways and Means Committee tax reform hearing looks at state and local tax issues – House taxwriters and witnesses focused on the exclusion of interest on municipal bonds and the deduction for state and local taxes during a Ways and Means Committee hearing to address the impact of federal tax reform on state and local governments.
See attached file for details.
Visit the Tax News & Views archive for editions from the past year.