{"id":17380,"date":"2026-05-18T15:55:02","date_gmt":"2026-05-18T22:55:02","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=17380"},"modified":"2026-05-18T15:55:08","modified_gmt":"2026-05-18T22:55:08","slug":"washington-update-new-tax-proposals-are-quietly-gaining-momentum","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/family-businesses\/washington-update-new-tax-proposals-are-quietly-gaining-momentum\/","title":{"rendered":"Washington Update: New Tax Proposals Are Quietly Gaining Momentum"},"content":{"rendered":"

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Neal Plots Democratic Agenda for Ways and Means Committee: If Democrats regain the House Majority in November, House Ways and Means Committee Ranking Member Richard Neal (D-MA) already had pronounced ideas for his agenda if he is chairman of the committee. Ranking Member Neal plans to conduct extensive oversight of the Trump administration\u2019s tax, Internal Revenue Service (IRS) and economic policies, rather than refighting the battle to obtain President Trump\u2019s tax returns. Dive Into the Full Story<\/span><\/a><\/strong><\/h2>\n

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Smith Doubles Down on Alleged CCP-Linked Nonprofits: On May 5, House Ways and Means Committee Chairman Jason Smith (R-MO) sent follow-up\u00a0letters<\/a> to three tax\u2011exempt organizations\u2014BreakThrough News, Tricontinental and The People\u2019s Forum\u2014regarding their funding sources. In his letters, Chairman Smith set a May 18 deadline for recipients to provide documents and communications about their fiscal sponsorships and any financial or governance ties to foreign nationals, organizations or governments. Dive Into the Full Story<\/span><\/a><\/strong><\/em><\/h3>\n

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Smith Wants Bipartisan Crypto Tax Bill:\u00a0<\/strong>Chairman Jason Smith (R-MO) said he is finalizing draft legislation to address how digital assets like cryptocurrencies are taxed, but he emphasized he will not move the bill forward without bipartisan backing. He said Democratic support is essential despite having advanced partisan tax legislation in the past. Ranking Member Richard Neal (D-MA) indicated he has not been consulted and noted many lawmakers still need to better understand the technical complexities of crypto taxation. Dive Into the Full Story<\/span><\/a><\/p>\n

Trump Expresses Support for Limited Gas Tax Suspension:<\/strong> On Monday, President Trump announced his support for temporarily suspending the federal gas tax. The administration had previously dismissed a gas tax \u201choliday,\u201d and Congress remains skeptical, given its long\u2011standing concerns about reducing revenue into the Highway Trust Fund and increasing the deficit. Since President Trump\u2019s announcement,\u00a0Sen. Josh Hawley (R\u2011MO)<\/a>\u00a0and\u00a0Rep. Jeff Van Drew (R-NJ)<\/a> have introduced legislative proposals to suspend the gas tax. Senate Majority Leader John Thune (R-SD) said he is willing to \u201chear out\u201d colleagues pushing the idea. Dive Into the Full Story<\/span><\/a><\/p>\n

Guidance on Nuclear Production Credit Estimated to Be Released in the Summer:<\/strong> Speaking at an event last week, Don Snyder, deputy assistant secretary for energy in the Office of Tax Policy, said the Treasury Department expects to release guidance on the section 45U nuclear production tax credit this summer. Guidance for the section 45X advanced manufacturing credit and prohibited foreign entity (PFE) restrictions on clean energy tax credits will likely not be ready until late this year. Dive Into the Full Story<\/span><\/a><\/p>\n

Treasury Department Officials Discuss Upcoming Guidance Projects at ABA May Tax Meeting:<\/strong> Last week, the Treasury Department and Internal Revenue Service (IRS) officials said they are drafting regulations and other guidance to implement several provisions of the SECURE 2.0 Act. At the American Bar Association (ABA) conference, Bill Evans and Robert Daily, attorneys in the Office of Tax Policy at the Treasury Department, said upcoming guidance will address employer matching contributions on employees\u2019 qualified student loan payments and rules for rollovers from employer plans to IRAs. Dive Into the Full Story<\/span><\/a><\/p>\n

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About Brownstein Hyatt Farber Schreck
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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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Neal Plots Democratic Agenda for Ways and Means Committee: If Democrats regain the House Majority in November, House Ways and Means Committee Ranking Member Richard Neal (D-MA) already had pronounced ideas for his agenda if he is chairman of the committee. Ranking Member Neal plans to conduct extensive oversight of the Trump administration\u2019s tax, Internal […]<\/p>\n","protected":false},"author":2,"featured_media":17388,"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],"tags":[],"class_list":["post-17380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-multi-generational-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17380","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=17380"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17380\/revisions"}],"predecessor-version":[{"id":17389,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/17380\/revisions\/17389"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/17388"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}