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May 21, 2024 | 
news.bloombergtax.com | Lauren Turenchalk
Individual taxpayers would be allowed to deduct losses from hurricanes and other federally declared disasters without itemizing their deductions under a modified version of H.R. 5863. The measure would also exclude from gross income certain disaster relief payments related to US wildfires and the February 2023 Norfolk Southern train derailment in East Palestine, Ohio.
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Apr 15, 2024 | 
news.bloombergtax.com | Lauren Turenchalk
The tax-exempt status of organizations that support terrorism would be terminated under H.R. 6408. A terrorist-supporting organization would be defined as an group designated by the Treasury Department that’s provided material support or resources—such as property, financial securities, and weapons—to terrorist organizations above a minimal amount during a three-year period.
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Apr 8, 2024 | 
news.bloombergtax.com | Lauren Turenchalk |Lillianna Byington |Zach Cohen |Karl Evers-Hillstrom |Jack Fitzpatrick |Greg Giroux | +8 more
Congress reconvenes this week and will shift its focus to major reauthorizations and aid packages. Lawmakers will have to act quickly to reauthorize foreign electronic surveillance authorities, which expire April 19, and the Federal Aviation Administration, which expires in May. The farm bill is also up for renewal on Sept. 30.
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Mar 22, 2024 | 
news.bloombergtax.com | Karl Evers-Hillstrom |Dan Lee |Lauren Turenchalk
Fiscal 2024 funding would be provided for agencies covered by the Defense, Financial Services, Homeland Security, Labor-HHS-Education, Legislative Branch, and State-Foreign Operations bills under a six-bill spending package released March 21. Lawmakers are racing against a March 22 deadline, when the current continuing resolution expires, to pass the measure or risk a partial government shutdown.
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Feb 26, 2024 | 
news.bloomberglaw.com | Lauren Turenchalk
Uncertainty about government funding negotiations, the prospects for additional foreign aid, and a myriad of policy to-dos await lawmakers returning to Capitol Hill this week. Very few working days remain for lawmakers to fund the government past the March 1 and 8 deadlines set by the latest stopgap measure (Public Law 118-35; see BGOV Bill Summary). House and Senate negotiators reached a deal in January on top-line allocations for all 12 government funding bills.
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Feb 26, 2024 | 
news.bgov.com | Maeve Sheehey |Lauren Turenchalk
With House Republican leaders declining to bring up a Senate-backed Ukraine aid package, some lawmakers are plotting an end-run around Speaker Mike Johnson that would rely on an obscure legislative process to force a vote. The maneuver would require bipartisan endorsement that may be elusive in the currently polarized House.
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Feb 2, 2024 | 
news.bloombergtax.com | Lauren Turenchalk
The cap on the state and local tax deduction would be doubled for married couples filing jointly under H.R. 7160. Taxpayers can reduce their federal income tax liability by deducting certain state and local taxes. Republicans’ 2017 tax law (Public Law 115-97) established a $10,000 cap on the amount of SALT deductions that could be claimed for tax years 2018 through 2025. Before the GOP overhaul, there was no limit.
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Feb 2, 2024 | 
news.bloomberglaw.com | Lauren Turenchalk
The cap on the state and local tax deduction would be doubled for married couples filing jointly under H.R. 7160. Taxpayers can reduce their federal income tax liability by deducting certain state and local taxes. Republicans’ 2017 tax law (Public Law 115-97) established a $10,000 cap on the amount of SALT deductions that could be claimed for tax years 2018 through 2025. Before the GOP overhaul, there was no limit.
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Feb 1, 2024 | 
news.bloomberglaw.com | Lauren Turenchalk
The House passed a bipartisan tax deal by a 357-70 vote on Jan. 31 to revive expired business tax breaks and boost the child tax credit after Speaker Mike Johnson satisfied holdouts’ demands. Download the BGOV OnPoint: Fate of Bipartisan Tax Package Hinges on Senate The package (H.R. 7024) was considered under suspension of the rules, which required a two-thirds majority for passage, and now heads to the Senate where it faces challenges.
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Jan 29, 2024 | 
news.bloomberglaw.com | Lauren Turenchalk |Karl Evers-Hillstrom |Cooper Lohr
Expired business tax breaks would be restored, the child tax credit would be enhanced, and tax relief for US and Taiwan businesses would be provided under H.R. 7024.
