The White House has posted online an updated Unified Agenda of Regulatory and Deregulatory Actions. The Unified Agenda identifies various actions that federal agencies intend to take on regulations, the administration explained. A number of tax regulations appear on the long-range list and inactive list.
Shortly after taking office, President Trump signed Executive Order 13771, Reducing Regulation and Controlling Regulatory Costs (TAXDAY, 2017/02/01, W.1). In April, Trump signed Executive Order 13789, Identifying and Reducing Tax Regulatory Burdens (TAXDAY, 2017/04/24, W.1).
According to the White House Office of Management and Budget (OMB), federal agencies have reconsidered 391 active actions. Overall, federal agencies have reclassified 282 active actions as long-term, and 109 as inactive, OMB reported.
On the long-term list are Treasury and IRS guidance projects addressing exchange of property for an annuity, prepaid forward contracts, low-income taxpayer clinics, guidance for tax-exempt organizations on political campaign intervention, and definition of political subdivision.
Some Treasury and IRS guidance projects also appear on the inactive list. These include guidance projects on the recomputation of life insurance reserves, coordination of United States and certain possessions income taxes, contingent fees under Circular 230, and infrastructure improvements.
“When the president came into office, he gave me some pretty specific instructions,” OMB Director Mick Mulvaney told reporters at a press conference in Washington, D.C. “You cannot put out a new reg until you get two old regs off the books. That is our two-for-one policy.”
By George L. Yaksick, Jr., Wolters Kluwer News Staff
Inactive RINs 2017 Agenda Update