{"id":12054,"date":"2024-07-25T17:42:31","date_gmt":"2024-07-26T00:42:31","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=12054"},"modified":"2024-07-25T17:46:06","modified_gmt":"2024-07-26T00:46:06","slug":"policy-update-taxation-representation","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/policy-update-taxation-representation\/","title":{"rendered":"Policy Update: Taxation & Representation"},"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=”Stand up and be heard! Contact your lawmakers in Congress to advocate for positive change.” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/contact-your-representatives-in-congress-to-join-the-cong” button_text=”Act now by clicking here!” admin_label=”Call To Action Top” _builder_version=”4.25.1″ _module_preset=”default” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” 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=”4.27.0″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Kamala Harris\u2019 Rise to the Top of the Ticket Renews Attention to Her Tax Policy Proposals: <\/span>On July 21, President Joe Biden announced his withdrawal from the 2024 presidential race and endorsed Vice President Kamala Harris as the Democratic nominee for president of the United States. With Harris now the front-runner for the nomination, the tax policy proposals from her career in the Senate and her 2020 presidential campaign have come under renewed scrutiny.<\/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\/ff00cf79b054c1a6bd283d33614ba74c1fb7bf04″ url_new_window=”on” button_text=”Get informed! Learn about Kamala Harris Endorsed by Biden, LIFT the Middle Class Act, Tax Policy Proposals in 2020 Campaign, Corporate and Estate Tax Increases, Rent Relief Act, Potential 2024 Tax Agenda, and more. Click here.” admin_label=”Read More Button” _builder_version=”4.27.0″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” button_alignment=”center” 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=”4.27.0″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

J.D. Vance\u2019s Tax Policies Demonstrate Populist Bent:<\/span> On July 15, former President and Republican presidential nominee Donald Trump selected Sen. J.D. Vance (R-OH) as his running mate for the 2024 presidential election, thrusting the 39-year-old first-term senator\u2014and his policy proposals\u2014into the national spotlight. Once a critic of the former president, particularly during his 2016 presidential campaign, Vance has become one of Trump\u2019s fiercest allies during the former president\u2019s first term. At the same time, many of Vance\u2019s policy proposals, including those in the tax space, have undergone a similar evolution.<\/p>\n

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Tax-Writing Committees Continue Preparations for 2025:<\/span> Over the last few weeks, members from the Senate Finance and House Ways and Means committees have been meeting to prepare for tax policy discussions in 2025 against the looming expiration of key tax provisions of the Tax Cuts and Jobs Act (TCJA). Ways and Means Republicans have been particularly active, holding several field events, roundtables and listening sessions to understand constituents\u2019 concerns and priorities with respect to TCJA\u2019s expiring policies. These events provide particular insight into the issue areas on which the committee\u2019s 10 \u201cTax Teams\u201d are focusing their efforts. For example, the \u201cRural America\u201d Tax Team, led by Rep. Adrian Smith (R-NE), is examining the federal estate tax, rural development and tax deductions for heavy machinery. The \u201cSupply Chains\u201d tax team, led by Rep. Carol Miller (R-WV), is primarily concerned with energy production, while the \u201cWorking Families\u201d tax team, led by Rep. Brian Fitzpatrick (R-PA), is tackling a wide swath of issues related to individual taxes, including the alternative minimum tax and the state and local tax (SALT) deduction. On the other side of the aisle, Ways and Means Committee Democrats met for a second time with Joint Committee on Taxation Chief of Staff Thomas Barthold on July 8 to discuss \u201cdistributional\u201d effects of the expiration of TCJA\u2019s provisions.<\/p>\n

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Senate Democrats Urge Treasury Department to Improve Section 45V Tax Credit:<\/span> In a July 11\u00a0letter<\/a>, 13 Senate Democrats urged Treasury Secretary Janet Yellen to reconsider proposed regulations on the Section 45V Clean Hydrogen Production Credit, enacted under the Inflation Reduction Act (Pub. L. 117-169<\/a>). The lawmakers offered alternative compliance approaches for each of the so-called \u201cthree pillars\u201d concerning clean electricity used in hydrogen production: incrementality, temporal matching and deliverability. To improve incrementality, the senators called on the Treasury Department not to impose clean energy generation requirements for facilities located in a state with clean energy mandates or in a grid region with significant rates of emissions mitigation. They added that all hydroelectric and nuclear facilities that receive license extensions after section 45V became effective should be exempt from the requirements. With regard to temporal matching, the lawmakers urged the Treasury Department to exempt any temporal matching requirements for projects that begin construction before Jan. 1, 2028, and establish monthly matching requirements for those that begin construction between 2028 and 2032. The letter also outlined how the Treasury Department can improve the tax credit\u2019s deliverability requirements, urging that regions lacking sufficient clean energy sources should receive an allowance when they need to access clean power for hydrogen production beyond the proposed regionality boundaries. The senators also asked the Treasury Department to allow hydrogen production pathways that use renewable natural gas to qualify for the credit. The letter concluded with a call for final regulations on the clean hydrogen credit by Aug. 16.<\/p>\n

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Consensus Beginning to Be Reached on OECD’s Pillar One Framework Text:<\/span> On July 17, Chris Miller, a transfer pricing analyst with the Organisation for Economic Co-operation and Development (OECD), indicated that negotiators have begun to reach agreements on several portions of the OECD\u2019s Pillar One global tax agreement. Miller said that \u201cconsensus has been achieved on nearly all aspects of the [multilateral convention] and the expanded Amount B framework,\u201d and that the only outstanding issues are minor and affect a small number of jurisdictions. This follows after the target enactment date for Pillar One was moved multiple times, as it was originally planned to take effect at the end of 2023.<\/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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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

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#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

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Kamala Harris\u2019 Rise to the Top of the Ticket Renews Attention to Her Tax Policy Proposals: On July 21, President Joe Biden announced his withdrawal from the 2024 presidential race and endorsed Vice President Kamala Harris as the Democratic nominee for president of the United States. With Harris now the front-runner for the nomination, the […]<\/p>\n","protected":false},"author":2,"featured_media":12059,"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":[48,92,76,36],"tags":[],"class_list":["post-12054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12054","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=12054"}],"version-history":[{"count":6,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12054\/revisions"}],"predecessor-version":[{"id":12068,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12054\/revisions\/12068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12059"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}