CCH Tax Day Report
Congress remains adjourned. The 115th Congress is scheduled to meet on January 3, 2017. The IRS issued Code Sec. 367 final regulations and also released guidance under Code Sec. 355.
President Obama signed into law the 21st Century Cures Act (HR 34) on December 13 (TAXDAY, 2016/12/14, C.1). The Senate passed the bill on December 7 (TAXDAY, 2016/12/08, C.1). The bill passed in the House on November 30 (TAXDAY, 2016/12/01, C.1).
House. House Ways and Means Republicans were invited to attend a two day policy conference on December 14 and 15 (TAXDAY, 2016/12/14, C.1). The first day concerned tax policy.
Senate. Republican lawmakers anticipate two budget resolutions in 2017, Senate Majority Leader Mitch McConnell, R-Ky., said in a December 12 news conference (TAXDAY, 2016/12/14, C.1). Meanwhile, Sen. Benjamin Cardin, D-Md., has introduced the Progressive Consumption Tax Bill (Sen 3529).
Code Sec. 367 Regulations. The IRS issued final regulations under Code Sec. 367 (T.D. 9803; TAXDAY, 2016/12/16, I.1).
Code Sec. 355 Regulations. The IRS issued guidance under Code Sec. 355 (T.D. 9805; NPRM REG-140328-15; TAXDAY, 2016/12/19, I.1)
Standard Mileage Rates. The IRS released the optional standard mileage rates for 2017 (IR-2016-169; Notice 2016-79, I.R.B. 2016-52; TAXDAY, 2016/12/14, I.4).
Interest Rates. The IRS released the 30-year Treasury bond weighted average interest rate, the unadjusted segment rates, the adjusted rates and the minimum present value segment rates applicable to pension plan years beginning in December 2016 (Notice 2016-78, I.R.B. 2016-52; TAXDAY, 2016/12/14, I.1).
Disregarded Entities. The IRS issued final regulations governing the reporting requirements of domestic disregarded entities wholly owned by a foreign person (T.D. 9796; TAXDAY, 2016/12/13, I.1).
PTC and ITC. The IRS issued an update and clarification of prior guidance with respect determining the beginning of construction in connection with the renewable electricity production and investment tax credits provided by Code Secs. 45 and 48, respectively (Notice 2017-4, I.R.B. 2017-3; TAXDAY, 2016/12/16, I.3).
Premium Tax Credit. The IRS issued final regulations under Code Sec. 36B (T.D. 9804; TAXDAY, 2016/12/15, I.3).
Low-Income Housing Credit. The IRS released guidance on the low-income housing tax credit (Rev. Rul. 2016-29, I.R.B. 2016-52; TAXDAY, 2016/12/13, I.3); (Notice 2016-77, I.R.B. 2016-52; TAXDAY, 2016/12/13, I.2
By Jessica Jeane and Jalisa Mathis, Wolters Kluwer News Staff