Tax News & Views - May 23, 2014
Vol. 15, No. 20
Tax Policy Group, Deloitte Tax LLP
- No progress on Senate extenders bill as lawmakers adjourn for Memorial Day – The Senate adjourned for its week-long Memorial Day recess without reaching an agreement on how to advance legislation that would renew for two years 55 tax extenders provisions that expired at the end of 2013.
- Levin brothers introduce retroactive anti-inversion bills; Wyden backs rule changes as part of tax reform – Senate Permanent Subcommittee on Investigations Chairman Carl Levin and his brother, House Ways and Means Committee ranking member Sander Levin, introduced similar bills that would retroactively hinder the ability of U.S. companies to incorporate overseas in so-called inversion transactions; meanwhile, Senate Finance Committee Chairman Ron Wyden reiterated his own commitment to addressing inversions retroactively but stated that a legislative fix likely would not be enacted outside of comprehensive tax reform.
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