Tax News & Views - May 9, 2014
Vol. 15, No. 18
Tax Policy Group, Deloitte Tax LLP
- Permanent research credit clears House – The House of Representatives approved legislation that would permanently extend a modified version of the now-expired alternative simplified method for calculating the research and experimentation tax credit effective for tax years beginning after 2013.
- Senate taxwriters steer clear of tax reform revenue offsets at highway infrastructure hearing – Members of the Senate Finance Committee discussed tax-based approaches to averting the insolvency of the Highway Trust Fund at a recent hearing; but they focused largely on fuel taxes and tax-preferred bond provisions and steered clear of advocating revenue offsets that have recently been included in proposals to reform the tax code.
- Wyden to propose retroactive anti-inversion rules – Senate Finance Committee Chairman Ron Wyden announced that he intends to propose retroactive legislation to discourage U.S. corporations from reincorporating overseas in so-called inversion transactions to reduce their U.S. income tax liability.
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