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FY26 Appropriations Outlook: House Republicans are weighing options to avoid a government shutdown as the Sept. 30 funding deadline approaches, with some movement toward a short-term stopgap plan. Freedom Caucus Chairman Rep. Andy Harris (R-MD), who pushed for a year-long continuing resolution, said he could accept a shorter measure if House Appropriations Committee Chairman Tom Cole (R-OK) secures the votes. Chairman Cole’s proposal would extend funding into November and include three full-year spending bills, giving them more time to debate the rest of the spending bills. Speaker Mike Johnson (R-LA) has not yet decided on a path forward, but Majority Leader John Thune (R-SD) signaled support for a clean, short-term extension while leaving room for a bipartisan deal on the expiring Affordable Care Act (ACA) tax credits.
House Ways and Means Committee Republicans Met with Tax Policy Head: Reportedly, the House Ways and Means Committee Republicans met with Treasury Assistant Secretary for Tax Policy Ken Kies to discuss the Trump administration’s implementation of tax provisions in the One, Big, Beautiful Bill Act (OBBBA, Public Law 119-21). Kies noted that he will help manage implementation provisions in the OBBBA, including the global minimum tax, expanded tax breaks for small-company stock, and incentives for investment in rural and low-income areas. He also addressed details on new deductions for seniors, no tax on tips and safeguards against abuse. Reps. Greg Murphy (R-NC) and Lloyd Smucker (R-PA) raised concerns about how those provisions would be applied.
House Lawmakers Introduce Bipartisan Bill to Extend ACA Credits Through 2026: A group of House lawmakers, led by Reps. Jen Kiggans (R-VA), Tom Suozzi (D-NY) and Brian Fitzpatrick (R-PA), introduced a bipartisan bill to extend the Affordable Care Act’s (ACA) enhanced premium tax credits for one year, preventing them from expiring at the end of this year. The credits, first expanded under the American Rescue Plan Act (ARPA, Public Law 117-2) to provide broader and more generous assistance during the COVID-19 pandemic, particularly for lower- and middle-income families, have helped millions reduce health insurance costs. Rep. Kiggans highlighted that 33,000 of her constituents rely on the program and stressed the need to give families more time to plan. The bill has also drawn support from a wide bipartisan group, including Reps. Jared Golden (D-ME), Jeff Hurd (R-CO), Rob Bresnahan (R-PA), Young Kim (R-CA), David Valadao (R-CA), Carlos Gimenez (R-FL), Tom Kean (R-NJ), Juan Ciscomani (R-AZ), Mike Lawler (R-NY), Don Davis (D-NC) and Marie Gluesenkamp Perez (D-WA).
House Appropriations Committee Sends FY26 FSGG Bill to the House Floor: Last week, the House Appropriations Committee voted 38-26 to send their fiscal year (FY) 2026 Financial Services and General Government (FSGG) appropriations bill to the House floor. The proposal includes a 20% cut to the Internal Revenue Service (IRS) budget, which is a $2.8 billion reduction from FY25. The bill also bars the IRS from using funds to create a free public electronic tax filing service without congressional approval. Additionally, it allocates up to $33.6 million for adminisrative expenses for the CDFI Fund and New Markets Tax Credit Program, including at least $1 million for investment performance tools and up to $300,000 for administrative costs related to the direct loan program. While the House bill likely will not become law, cuts of this magnitude would further restrain already limited IRS operations, delay audits, limit taxpayer services and enforcement efforts, and potentially increase delays for taxpayers seeking assistance or refunds.
Discover what Washington’s latest tax moves mean for family owned businesses today. Explore how shifting fiscal and tax policy may affect wealth planning.
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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