{"id":10264,"date":"2024-01-24T19:39:42","date_gmt":"2024-01-25T03:39:42","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=10264"},"modified":"2024-01-24T19:39:49","modified_gmt":"2024-01-25T03:39:49","slug":"taxation-representation-ways-and-means-committee-overwhelmingly-passes-tax-package","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/taxation-representation-ways-and-means-committee-overwhelmingly-passes-tax-package\/","title":{"rendered":"Taxation & Representation: Ways and Means Committee Overwhelmingly Passes Tax Package"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Empower America’s Legacy: Join the Movement for Family Businesses!” button_url=”https:\/\/familyenterpriseusa.com\/2024-annual-family-business-survey\/?utm_source=FEUSA&utm_medium=cta&utm_campaign=2024Survey” button_text=”Take the 5-minute ANONYMOUS survey now and shape the future of family-owned businesses. Your voice matters!” admin_label=”Call To Action Top” _builder_version=”4.23.1″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”1″ _builder_version=”4.23.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Ways and Means Committee Overwhelmingly Passes Tax Package.<\/strong>\u00a0On Jan. 19, the House Ways and Means Committee completed a markup of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024<\/a>), which was favorably reported by a vote of 40-3. The bill was unveiled on Jan. 16 as the result of negotiations between House Ways and Means Committee Chair Jason Smith (R-MO) and Senate Finance Committee Chair Ron Wyden (D-OR). The bill includes numerous bipartisan tax provisions that benefit both businesses and individuals. At the core of the package are provisions restoring three business tax provisions addressed in the Tax Cuts and Jobs Act (Pub. L. 115-97<\/a>): research and development amortization, bonus depreciation, and the limitation on the deductibility of business interest. The three business provisions were balanced with expansions to the amount and eligibility of the child tax credit. For a full list of provisions included in the bill, please see the\u00a0Jan. 17 issue<\/a>\u00a0of Taxation & Representation.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_button button_url=”https:\/\/comms.bhfs.com\/rv\/ff00bf16c346ba3d6e50f5d8cc4899ffd2d89935″ url_new_window=”on” button_text=”Stay Informed – Tax Package Approval, Bipartisan Provisions, Core Business Provisions, Opposition Concerns, White House Support, Fast-Tracking Consideration, Senate Evaluation, and More. Click Here!” admin_label=”Read More Button” _builder_version=”4.23.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” disabled_on=”off|off|off” _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||14px|||” custom_padding=”10px||2px|||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text admin_label=”2″ _builder_version=”4.23.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Republican Ways and Means Member Introduces Estate Tax Repeal Bill.\u00a0<\/strong>On Jan. 18, Rep. Randy Feenstra (R-IA)\u00a0announced<\/a>\u00a0his introduction of the\u00a0Death Tax Repeal Act of 2023<\/a>\u00a0in the House. The legislation would permanently repeal the estate tax, commonly known as the \u201cdeath tax,\u201d a tax that is imposed on an individual\u2019s property owned at the time of his or her death. For taxpayers who pass away in 2024, the tax affects estates with a date-of-death value of over $13,610,000, with marginal tax rates on taxable estates of up to 40%. Advocates for the estate tax contend that the exemption amount is excessive, as the Institute of Taxation and Economic Policy noted in\u00a0a study<\/a>\u00a0from December 2023, which found that the estate tax only applied to 0.08% of American taxpayers in 2019. Feenstra argued that the estate tax is a significant instance of double taxation, disproportionately affects generationally owned businesses and farms, and is levied at an inappropriate time while families and heirs are grieving. He also stressed that repealing the tax would \u201censure that hardworking families, farmers, and small businesses keep more of their hard-earned money, and strengthen family-owned-and-operated enterprises \u2026.\u201d<\/p>\n

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IRS Delays Guidance of CAMT and Stock Buyback Excise Tax.<\/strong>\u00a0Speaking at a New York State Bar Association meeting on Jan. 16, Treasury Deputy Tax Legislative Counsel Brett York said that final rules implementing the Corporate Alternative Minimum Tax (CAMT) are \u201cnot imminent in a private sector sense\u201d and that the Treasury Department cannot provide \u201cspecific time frames\u201d as to when guidelines will be issued. Regarding the stock buyback excise tax, Internal Revenue Service (IRS) Associate Chief Counsel Peter Blessing said that guidance will come out \u201cin the next few months.\u201d Both taxes were enacted in 2022 as part of the Inflation Reduction Act (IRA,\u00a0Pub. L. 117-169<\/a>).<\/p>\n

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Treasury Department Assistant Secretary Lily Batchelder Announces Departure.<\/strong>\u00a0On Jan. 19, it was reported that Treasury Department Assistant Secretary for Tax Policy Lily Batchelder would leave the department at the end of February. Batchelder has been serving in the position since September 2021, where she oversees negotiations between the Treasury Department and the Organisation for Economic Co-Operation and Development (OECD) in the two-pillar global tax regime. She is also in charge of the implementation of the CHIPS and Science Act and the Inflation Reduction Act. After her stint at the Treasury Department, she will return to New York University as a professor at the NYU School of Law.<\/p>\n

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The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> 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<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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Ways and Means Committee Overwhelmingly Passes Tax Package.\u00a0On Jan. 19, the House Ways and Means Committee completed a markup of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which was favorably reported by a vote of 40-3. The bill was unveiled on Jan. 16 as the result of negotiations between […]<\/p>\n","protected":false},"author":2,"featured_media":10269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[43,48,78,76,36],"tags":[],"class_list":["post-10264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-family-businesses","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10264"}],"version-history":[{"count":4,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10264\/revisions"}],"predecessor-version":[{"id":10270,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10264\/revisions\/10270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/10269"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}