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Tax News & Views - July 25, 2014

Vol. 15, No. 28


Tax News & ViewsAuthor
Tax Policy Group, Deloitte Tax LLP

  • Senate taxwriters at odds on how to address inversions – Members of the Senate Finance Committee agreed at a recent hearing on international tax issues that Congress should take action on corporate inversions; however, there was little agreement on what specific action they should take or when it should take effect.
  • Senate schedules pre-recess vote on highway funding bill – Senate Majority Leader Harry Reid announced that lawmakers in his chamber would vote some time during the week of July 28 on legislation to replenish the rapidly dwindling Highway Trust Fund.
  • House approves education, child tax incentives – The House of Representatives approved two unpaid-for bills that would consolidate certain education tax incentives and expand the child tax credit.
  • Senate subcommittee examines tax implications of structured financial products – The Senate Committee on Homeland Security and Governmental Affairs’ Permanent Subcommittee on Investigations held a hearing to examine what subcommittee leaders contend is a financial product that allows sophisticated investors to get long-term capital gains treatment on short-term investment returns.

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