{"id":12785,"date":"2024-11-18T18:55:24","date_gmt":"2024-11-19T02:55:24","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=12785"},"modified":"2024-11-18T18:55:48","modified_gmt":"2024-11-19T02:55:48","slug":"weekly-washington-update-leadership-votes-shape-119th-congress-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/weekly-washington-update-leadership-votes-shape-119th-congress-what-you-need-to-know\/","title":{"rendered":"Weekly Washington Update: Leadership Votes Shape 119th Congress: What You Need to Know"},"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=”An increase in income tax rate means you’ll pay a higher percentage of your income to the government. This directly reduces your disposable income, the money you have left after taxes for spending or saving. This can make it harder to afford basic necessities, save for retirement, or invest in your future.” button_url=”https:\/\/familyenterpriseusa.com\/family-businesses\/your-voice-matters-advocate-for-tax-policy-change-through-new-portal\/” button_text=”The House Ways & Means Committee wants your input on key tax issues. Submit your comments today through the new Comment Portal!” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.0″ _module_preset=”default” header_font_size=”22px” 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=”4.27.2″ 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

Congress Returns with a Focus on 119th Leadership: <\/span>The House and Senate returned this week, kicking off a two-week legislative session before the Thanksgiving recess. Republican leadership elections in the House and Senate were the main focus, as Congress prepares for a Republican trifecta in 2025. Sen. John Thune (R-SD), the current minority whip, was elected as the Republican Senate majority leader for the 119th Congress in a secret ballot vote on Wednesday. He fended off a late surge by Sen. Rick Scott (R-FL), who lost on the first ballot with 13 votes. On the second ballot, Sen. Thune defeated Sen. John Cornyn (R-TX), 29-24. Sen. John Barrasso (R-WY) ran unopposed for majority whip, and Sen. Tom Cotton (R-AR) defeated Sen. Joni Ernst (R-IA) 35-18 to serve as the chairwoman of the Republican Conference.<\/p>\n

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Trump Wins the Presidency, Allowing Him to Bring Signature Tax Policy Proposals to the Table: <\/span>On Nov. 6, 2024, Donald Trump was declared the winner of the 2024 presidential election, sweeping all seven battleground states (Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin) and earning 312 electoral votes. The president-elect is also projected to win the popular vote by a margin of between 1% and 2% once all votes are counted. With Republican majorities in both chambers of Congress as well, President-elect Trump is expected to pursue an aggressive economic and tax policy agenda.<\/p>\n

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IRS Finalizes Guidance on Section 45X Advanced Manufacturing Production Credit:<\/span> On Oct. 24, the Treasury Department and Internal Revenue Service (IRS) released\u00a0final regulations<\/a>\u00a0for the Section 45X Advanced Manufacturing Production Credit, established under the Inflation Reduction Act of 2022 (Pub. L. 117-169<\/a>). The credit aims to incentivize U.S. manufacturing of clean energy components, such as batteries, solar and wind energy technologies as well as the production of critical minerals. The final rules build upon the proposed regulations issued in December 2023, providing limited revisions and additional clarity on the credit\u2019s applicability.<\/p>\n

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Treasury Department Intends to Finalize Section 45V Clean Hydrogen Rules by End of Year: <\/span>On Oct. 1, Treasury Department Acting Assistant Secretary for Tax Policy Aviva Aron-Dine indicated that the department plans to finalize regulations for the Section 45V Clean Hydrogen Production Tax Credit by the end of the year. Section 45V was established by the Inflation Reduction Act (Pub. L. 117-169<\/a>), and Aron-Dine said that it is imperative that, by the end of the Biden administration, the Treasury Department finalizes regulations on section 45V and other provisions \u201cthat are especially central to the IRA\u2019s climate and economic goals.\u201d<\/p>\n

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Treasury Department Announces Initiative to Negotiate Double-Tax Relief with Taiwan: <\/span>On Oct. 29, the Treasury Department\u00a0announced<\/a>\u00a0that the United States and Taiwan would begin negotiation on an agreement to address double-taxation issues facing Taiwanese businesses with investments in the United States and U.S. businesses with a similar presence in Taiwan. The announcement commends Congress for the introduction of the United States-Taiwan Expedited Double-Tax Relief Act and United States-Taiwan Tax Agreement Authorization Act, indicating that executive negotiations will \u201cbuild on the initiative\u201d while working with Congress as a \u201cvital partner.\u201d The announcement also emphasizes the benefits to both countries of negotiating double-tax relief, particularly in the semiconductor industry.<\/p>\n

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About Brownstein Hyatt Farber Schreck
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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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Congress Returns with a Focus on 119th Leadership: The House and Senate returned this week, kicking off a two-week legislative session before the Thanksgiving recess. Republican leadership elections in the House and Senate were the main focus, as Congress prepares for a Republican trifecta in 2025. Sen. John Thune (R-SD), the current minority whip, was […]<\/p>\n","protected":false},"author":2,"featured_media":12787,"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":[48,43,92,76,36],"tags":[],"class_list":["post-12785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-estate-taxes","category-multi-generational-business","category-income-taxes","category-taxes"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12785","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=12785"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12785\/revisions"}],"predecessor-version":[{"id":12790,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12785\/revisions\/12790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12787"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}