Jack Miles

1 week ago | mondaq.com | Jack Miles |Andrew Lee

The One Big Beautiful Bill Act (the Bill), whichwas passed by the House of Representatives on May 22, 2025,contains a provision that, if enacted in its current form, wouldhave a dramatic impact on the U.S. tax treatment of investments byforeign persons in the United States. Section 112028 of the Billwould add to the Internal Revenue Code (the Code) a new Section899, entitled Enforcement of Remedies Against Unfair Foreign Taxes.

1 month ago | mondaq.com | Jack Miles |Andrew Lee

On May 22, 2025, the House of Representatives passed the"One Big Beautiful Bill Act" (the "Bill") by aone vote margin. Set forth below is a summary description of someof the provisions of the Bill. Individual Provisions:• Individual Tax Rates: The rates put inplace pursuant to the 2017 individual tax cuts would have expiredafter the 2025 tax year. The Bill permanently extends the rates andbrackets put in place by the 2017 individual tax cuts.