Key Takeaways
- Tax Legislation
- IRS Money Freeze
- TCJA
- DOGE Treasury Access
- Loper Bright
- Tax Data Disclosures
- REIT Rules
- Hewlett Packard
- Napping with Bagpipes
Tax Legislation
House Republican support grows for keeping clean energy tax breaks – Josh Siegel & James Bikales, Politico:
In a letter shared exclusively with POLITICO, 21 House Republicans — whose districts have drawn billions in new investments because of the Inflation Reduction Act incentives — said developing clean energy was critical for the U.S. to meet President Donald Trump’s goal of becoming “energy dominant.” And they threatened to resist their colleagues’ efforts to gut the law to help pay for a small fraction of the GOP’s multi-trillion-dollar tax-cut package.
Republican Infighting Stalls Trump’s ‘Big, Beautiful’ Tax Bill – Richard Rubin, Wall Street Journal:
Republicans, who control the House and Senate, are divided over the size of spending reductions that accompany tax cuts, which budgetary yardstick they use and whether a debt-ceiling increase should be attached. The Senate still hasn’t fully blessed the House strategy to pass one bill that would address the fiscal matters along with border security, after months of debate over whether to split Trump’s priorities into two or even three party-line bills.
IRS Money Freeze
Short-Term Funding Bill Extends IRS Money Freeze – Asha Glover, Law 360 ($):
The Full-Year Continuing Appropriations and Extensions Act, 2025, released Saturday by House Appropriations Committee Republicans, would extend for a third time the funding bill signed by former President Joe Biden last March. That 2024 legislation effectively extended a freeze on just over $20 billion of the funding the agency received under the Inflation Reduction Act in 2022. The continuing resolution would extend funding through Sept. 30. The House is expected to consider the bill this week.
TCJA
Dems Cite Scorekeeper to Counter No-Cost TCJA Extension Claim – Doug Sword, Tax Notes ($):
In a March 4 letter to Senate Finance Committee Democrats, Thomas Barthold, the JCT’s chief of staff, said the scorekeeper’s “default approach” since the mid-1970s has been to base estimates on current law, rather than the current-policy baseline many Republicans, including Senate leadership, advocate using for the upcoming tax reconciliation bill.
DOGE Treasury Access
Possibility of Repair Prevents Payment System Access Injunction – Nathan J. Richman, Tax Notes ($):
“Although the privacy harms Plaintiffs have asserted are real and sufficiently concrete to support the exercise of this Court’s subject-matter jurisdiction, those asserted harms are not necessarily ‘irreparable,’” Judge Colleen Kollar-Kotelly of the U.S. District Court for the District of Columbia said in a March 7 order in Alliance for Retired Americans v. Bessent.
DC Judge Declines to Block DOGE From Treasury Systems – Ali Sullivan, Law 360 ($):
U.S. District Judge Colleen Kollar-Kotelly acknowledged in an opinion that the plaintiffs' privacy concerns "are understandable and no doubt widely shared." But she said there is no evidence that Americans' sensitive financial data has been disclosed outside the federal government, and that the Trump administration has taken steps to "monitor and control" DOGE's access to the payment systems.
Loper Bright
NYSBA Examines Loper Bright Impact on Tax Rules – Kristen A. Parillo, Tax Notes ($). “Congress should use standardized language when granting rulemaking authority to Treasury and the IRS so the government and courts can better navigate a post-Loper Bright world, according to a group of tax advisers.”
Tax Data Disclosures
Immigrant Rights Groups Fight IRS Data Sharing with DHS – Asha Glover, Law 360 ($):
The Internal Revenue Code has no language allowing such disclosures, which could also cause irreparable harm, Centro De Trabajadores Unidos and Immigrant Solidarity Dupage told a D.C. federal court in their complaint. The groups are seeking a declaration that the U.S. Department of the Treasury and IRS are forbidden by law from disclosing the information to aid in immigration law enforcement, according to the complaint.
Immigrant Aid Groups Seek to Prevent Tax Data Disclosures – Mary Katherine Browne, Tax Notes ($). “Two immigration nonprofit organizations are looking to keep the Trump administration from using tax return information to carry out plans for mass deportations.”
REIT Rules
Taxpayer's Income from Airline Rents, Interest Meets REIT Rules – Rebecca Chen, Bloomberg ($). “The IRS determined that a taxpayer that helped finance the development of a new airport terminal can treat rent from airlines and interest payments from the public agency that leases the terminal as qualifying income for purposes of real estate investment trust requirements.”
Hewlett Packard
Hewlett Packard Agrees to $358 Million Tax Adjustment with IRS – Caleb Harshberger, Bloomberg ($):
IRS issued a Revenue Agent’s Report following its audit of the company’s 2017 through 2019 tax years, resulting in the reduction in unrecognized tax benefits, the company said in a filing. HP agreed with the report.
What Day is it?
Its National Napping Day. Thank Goodness. Also, demonstrating that irony does exist, it is International Bagpipe Day, try napping through that!
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