Posts by Maria Dadonova

TAX DEVELOPMENTS Tax Legislation – Update President Biden signed into law the Infrastructure Investment and Jobs Act on November 15. This was bipartisan legislation that includes provisions related to federal-aid highway, transit, highway safety, motor carrier, research, hazardous materials, and rail programs. In a separate development, the House passed the Build Back Better Act (“BBBA”)…

TAX DEVELOPMENTS Tax Legislation – Update Progressive and Moderate democrats in Congress continue to negotiate partisan social spending and tax legislation called the Build Back Better Act. According to the latest reports, the size of the legislation has been reduced from $3.5 trillion to a reported target of $1.75 trillion. On October 28 the White…

LEGISLATIVE DEVELOPMENTS Government Infrastructure and Tax Legislation Update Congress continues to work on two separate spending and tax plans: On September 25 the House Budget Committee advanced Build Back Better Act bill. It will now head to the House Rules Committee where further changes are expected before it is brought to a vote on the…

LEGISLATIVE DEVELOPMENTS Government Infrastructure and Tax Legislation Update On August 10 the Senate passed the bipartisan INVEST in America Act (H.R. 3684). At present, the bill is expected to receive a House vote in conjunction with the passage of the additional $3.5 trillion budget reconciliation measure. On August 24 the House voted to approve the…

TAX DEVELOPMENTS IRS Issues Private Letter Ruling Affirming that a Transfer of Insurance Policies from a Parent to a Subsidiary Retains Tax Exempt Status On July 2, the IRS publicly released PLR-118450-18 (PLR 202126003) regarding a contemplated transfer of life insurance contracts within a consolidated group of corporations. The PLR involved the Parent and three…

TAX DEVELOPMENTS Groom Law Group Asks IRS to Provide Guidance on Repurposing Surplus VEBA Assets On May 28, Groom Law Group principals Louis Mazawey and Kathryn Bjornstad Amin sent a letter to the IRS, recommending that Treasury and the IRS publish official guidance confirming that the 100% excise tax on VEBA reversions would not apply…

TAX DEVELOPMENTS Biden Releases FY 2022 Budget Proposal On May 28, President Biden released his Fiscal Year 2022 budget proposal, Budget of the U.S. Government. As expected, The American Jobs Plan and The American Families Plan were two primary elements of the budget proposal. We covered each of these plans separately when they were initially…

TAX DEVELOPMENTS Biden Administration Tax Policy Update As we reported last month, the Biden Administration released an infrastructure plan and the Made in America Tax Plan. On April 7, the Treasury Department released a report further describing this plan. Corporate tax reforms outlined in this plan include On April 28, the Biden Administration released another…