Erin Schilling

1 day ago | news.bloombergtax.com | Erin Schilling

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1 day ago | news.bloomberglaw.com | Erin Schilling

Popular business deduction expanded in GOP tax bill Plan allows for phase-in of deduction in some casesHouse Republicans’ proposal to expand a deduction typically used by pass-through entities means more white-collar workers could get a tax benefit. The House Ways and Means Committee Monday released draft legislation that would make the Section 199A qualified business income deduction permanent and increase the deduction from 20% to 23%.

2 days ago | news.bloombergtax.com | Erin Schilling |Chris Cioffi

Senate Finance Committee Democrats are demanding to know whether IRS commissioner nominee Billy Long or other incoming Trump administration officials have a deal with a company to legitimize tax credits that the Treasury Department and IRS have said don’t exist. Ron Wyden (D-Ore.), Senate Finance’s ranking member, and committee member Sen.

2 days ago | news.bloombergtax.com | Erin Schilling

House Republicans on Monday proposed phasing out clean energy business breaks while repealing electric vehicle and clean energy home improvement credits in its long-awaited tax bill. Democrats unleashed billions of dollars of tax credits for clean energy projects in their signature 2022 tax-and-climate law. Republicans have signaled plans to repeal at least some of the energy credits to pay for extending tax cuts from their 2017 law, which has many provisions expiring at the end of this year.

2 days ago | news.bloombergtax.com | Erin Schilling

House Republicans Monday proposed expanding a tax on college endowments and private foundations. The levies are part of the tax section of a massive bill that aims to extend tax cuts expiring this year from the GOP’s 2017 law. That law included a 1.4% tax on investment income of certain large private colleges and universities to pay for other tax breaks.