[\/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\/ff00c389b56a76f8db8533fc234bafe1dcf5bded” url_new_window=”on” button_text=”Tax Bill Stalemate, Government Funding Secured, Biden’s Tax Policy Priorities, Policy Rift on OECD Pillar One, Treasury’s Direct Pay Initiative, Congressional Moves on Tax Issues, and More.” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n
Government Funding Update<\/span> \u2013 First Appropriations Package Will Fund Certain Departments and Agencies Through Sept. 30: On March 9, President Biden signed a $459 billion\u00a0six-bill package<\/a>\u00a0funding major areas of the government (Military Construction-VA, Agriculture-FDA, Commerce-Justice-Science, Transportation-HUD, Interior-Environment and Energy-Water) for the remainder of fiscal year (FY) 2024. The bill received bipartisan approval in both chambers of Congress, with the House passing the bill under suspension of the rules in a 339-85 vote on March 6, and the Senate following with a 75-22 vote on March 8.<\/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\/ff00c389b56a76f8db8533fc234bafe1dcf5bded” url_new_window=”on” button_text=”Tax Bill Stalemate, Government Funding Secured, Biden’s Tax Policy Priorities, Policy Rift on OECD Pillar One, Treasury’s Direct Pay Initiative, Congressional Moves on Tax Issues, and More.” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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=”3″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Ways and Means Pillar One Hearing Exposes Policy Rift:\u00a0On March 7, the House Ways and Means Subcommittee on Tax held a\u00a0<\/span>hearing<\/a>\u00a0titled \u201cOECD Pillar 1:<\/span> Ensuring the Biden Administration Puts Americans First.\u201d The hearing explored the recent proliferation of digital services taxes (DSTs) pending in a number of countries, which will disproportionately increase tax burdens on U.S. multinational businesses and may lead to global tax instability if not mitigated, as the Organisation for Economic Co-operation and Development (OECD) Pillar One proposal aims to do. Committee members on both sides of the aisle agreed on the detrimental effects DSTs would have on U.S. multinationals, but were divided on whether the correct course of action is to continue negotiations with the OECD on Pillar One or to walk away from discussions altogether.<\/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\/ff00c389b56a76f8db8533fc234bafe1dcf5bded” url_new_window=”on” button_text=”Tax Bill Stalemate, Government Funding Secured, Biden’s Tax Policy Priorities, Policy Rift on OECD Pillar One, Treasury’s Direct Pay Initiative, Congressional Moves on Tax Issues, and More.” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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=”4″ _builder_version=”4.24.2″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Treasury Department Finalizes Direct Pay for IRA Tax Credits:<\/span> On March 5, the Treasury Department\u00a0finalized<\/a>\u00a0regulations that would expand the accessibility of energy tax credits to tax-exempt entities previously unable to utilize them. Using Direct Pay (also known as Elective Payment), state, local and tribal governments along with nonprofit organizations can elect to receive direct payment of 12 energy tax credits in lieu of a nonrefundable credit, which taxable entities would otherwise claim against their federal tax liability. The Treasury Department and the Internal Revenue Service (IRS) also issued\u00a0proposed regulations<\/a>\u00a0to provide clarity and flexibility for qualifying entities that co-own clean energy projects to provide additional flexibility in using the elective payment option. The proposed rules would allow energy investments to be made \u201cthrough a noncorporate entity, rather than requiring direct co-ownership of the property or facility by the applicable entity\u201d and ensure that \u201cmulti-year power purchase agreements would not violate the requirements to elect out of partnership tax treatment.\u201d The comment period on the proposed regulations will be open for 60 days.<\/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\/ff00c389b56a76f8db8533fc234bafe1dcf5bded” url_new_window=”on” button_text=”Tax Bill Stalemate, Government Funding Secured, Biden’s Tax Policy Priorities, Policy Rift on OECD Pillar One, Treasury’s Direct Pay Initiative, Congressional Moves on Tax Issues, and More.” admin_label=”Read More Button” _builder_version=”4.24.2″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/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_padding=”6px|||||” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n About Brownstein Hyatt Farber Schreck [\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n 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 [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider admin_label=”Video Slider Family Business Stories 3″ _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}” global_module=”7257″ theme_builder_area=”post_content”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=qkzuUypw3JU” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=L5QmaJqcm4Y” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=LyZMrONDbPE” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=tmxFubyBiHA” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=9Tn7ZliFx2I” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/youtu.be\/Jx5o3EzVD1E” _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.21.0″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Tax Bill Update \u2013 Package Remains in Limbo: Almost two months after the Tax Relief for American Families and Workers Act (H.R. 7024) passed the House with an overwhelming 357-70 vote, committee leaders are still considering the process for advancing the bill with or without amendments. Senate Finance Committee Ranking Member Mike Crapo (R-ID) has […]<\/p>\n","protected":false},"author":2,"featured_media":10736,"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":[43,48,92,78,76,36],"tags":[],"class_list":["post-10734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estate-taxes","category-family-businesses","category-multi-generational-business","category-in-the-news","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10734","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=10734"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10734\/revisions"}],"predecessor-version":[{"id":10739,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/10734\/revisions\/10739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/10736"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/familyenterpriseusa.com\/wp-content\/uploads\/2023\/04\/brownstein-logo-positive-RGB.png\" "\\"\\""){kind=logo}
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<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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