{"id":16151,"date":"2026-01-12T18:28:36","date_gmt":"2026-01-13T02:28:36","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=16151"},"modified":"2026-01-12T18:28:42","modified_gmt":"2026-01-13T02:28:42","slug":"weekly-washington-update-congress-is-back-shutdown-looming-or-deal-incoming","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/taxes\/weekly-washington-update-congress-is-back-shutdown-looming-or-deal-incoming\/","title":{"rendered":"Weekly Washington Update: Congress is Back. Shutdown Looming or Deal Incoming?"},"content":{"rendered":"

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Congress Returns from Holiday Recess: This week, the House and Senate returned from holiday recess and gaveled in the second session of the 119th Congress. On Monday, appropriators released a\u00a0three-bill minibus<\/a>\u00a0consisting of the fiscal year 2026 (FY26) Commerce-Justice-Science, Energy-Water Development and Interior-Environment spending bills. The bill\u2019s top-line figure comes in below current levels, but notably exceeds what President Donald Trump sought in his initial\u00a0FY26 budget request<\/a>. \u00a0<\/strong>Click here to read more.<\/strong><\/a><\/h2>\n

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OECD Announces Pillar Two Agreement: On Monday, the Organisation of Economic Co-operation and Development (OECD) announced a \u201cSide-by-Side package<\/a>\u201d under the Pillar Two global minimum tax regime that reflects the June 2025 framework between the United States and the G-7. Critically, the package establishes a safe harbor under which U.S.-headquartered groups can elect to be exempted from the global minimum tax\u2019s income inclusion rule and undertaxed profits rules, provided certain conditions are met. <\/strong><\/em>Click here to read more.<\/strong><\/em><\/a><\/h3>\n

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IRS Provides Safe Harbor for Carbon Capture Verification Standards: On Dec. 19, 2025, the Internal Revenue Service (IRS) issued Notice 2026-01<\/a>, which provides a safe harbor for eligibility determinations for taxpayers claiming the Section 45Q Carbon Capture and Sequestration credit. The guidance allows sequestration data to be verified by an independent engineer or geologist beginning in tax year 2025 to ensure continued compliance until a long-term solution replaces the greenhouse gas reporting framework. Click here to read more.<\/a><\/p>\n

Residential Clean Energy Credits Expire: On Dec. 31, the section 25C energy-efficient home improvement credit and section 25D residential clean energy credit expired under the accelerated termination adopted by the One Big Beautiful Bill Act (OBBBA,\u00a0Public Law 119-21<\/a>). The section 25C credit allowed taxpayers to claim a 30% credit for qualified energy-efficient improvements, residential energy property or home energy audits not exceeding $1,200 annually. \u00a0Click here to read more.<\/a><\/p>\n

IRS Issues Guidance on Auto Loan Interest Deduction: On Dec. 31, the Internal Revenue Service (IRS) issued\u00a0proposed regulations<\/a> regarding the auto loan interest deduction. The rule addresses information reporting requirements for lenders, identifies eligible taxpayers and loans and guidelines for determining final assembly. Click here to read more.<\/a><\/p>\n

W&M Committee Democrats Introduce the American Affordability Act: On Dec. 18, the House Ways and Means Committee Democrats introduced the American Affordability Act. The\u00a0bill<\/a> covers housing, child care, education, health care, and labor issues. Click here to read more.<\/a><\/p>\n

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About Brownstein Hyatt Farber Schreck
<\/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>\n

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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\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 family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned 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 #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n

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Congress Returns from Holiday Recess: This week, the House and Senate returned from holiday recess and gaveled in the second session of the 119th Congress. On Monday, appropriators released a\u00a0three-bill minibus\u00a0consisting of the fiscal year 2026 (FY26) Commerce-Justice-Science, Energy-Water Development and Interior-Environment spending bills. The bill\u2019s top-line figure comes in below current levels, but notably […]<\/p>\n","protected":false},"author":2,"featured_media":16152,"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-16151","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\/16151","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=16151"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16151\/revisions"}],"predecessor-version":[{"id":16156,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/16151\/revisions\/16156"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/16152"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}