Harold Hancock

3 weeks ago | jdsupra.com | Rosemary Becchi |Gregory Berger |Harold Hancock

On Tuesday afternoon, May 13, the Ways and Means Committee (“Committee”) started its markup of the tax title for the FY2025 budget reconciliation bill. The Committee favorably reported the bill on Wednesday morning, May 14, by a party-line vote of 26-19. During the markup, 38 Democratic-supported amendments were offered, but none were adopted.

Mar 25, 2024 | jdsupra.com | Rosemary Becchi |Harold Hancock |Lori Harju

On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals, commonly known as the “Green Book,” which provides more detailed descriptions of the tax proposals in the Budget along with associated revenue estimates. Click here for a comprehensive summary of tax proposals in the Green Book.

Mar 12, 2024 | jdsupra.com | Rosemary Becchi |Harold Hancock |Lori Harju

Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion in non-defense base discretionary spending. The request is the fourth and final budget proposal that Biden will issue before the end of his term.

Mar 8, 2024 | lexology.com | Russell Sullivan |Mark Warren |David Ransom |Harold Hancock |Rosemary Becchi |Radha Mohan | +4 more

President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s address, Biden devoted a portion of his speech to highlighting the tax legislation signed into law during the first three years of his term—contrasting it with Republicans’ 2017 Tax Cuts and Jobs Act (TCJA).

Jan 4, 2024 | lexology.com | Russell Sullivan |Mark Warren |David Ransom |Rosemary Becchi |Harold Hancock |Radha Mohan | +4 more

As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome of the consequential Moore tax case before the Supreme Court, and implementation of the global minimum-tax regime. A brief discussion of these and other issues arising in the new year are presented below.