Legislative Updates
KPMG TaxNewsFlash reports of legislative updates in the United States
News
Ways and Means Republicans reintroduce OECD Pillar Two reciprocity bill
“Unfair Tax Prevention Act” would increase the U.S. BEAT where foreign countries adopt Pillar Two’s UTPR
March 28, 2025
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Senate confirms Michael Faulkender as Deputy Treasury Secretary
Confirmed by a vote of 53-43
March 27, 2025
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Senate passes joint resolution overturning digital asset information reporting regulations
The resolution now goes to President Trump, who is expected to sign it.
March 27, 2025
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Senate passes continuing resolution to fund government
Legislation includes an additional rescission of approximately $20 billion of the original approximately $80 billion in IRS funding
March 14, 2025
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House passes continuing resolution to fund government
The Senate is expected to consider the legislation this week.
March 12, 2025
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House overturns digital asset information reporting regulations
The resolution will next be sent to the Senate, which is expected to pass it.
March 12, 2025
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President Trump addresses TCJA and other tax proposals in speech to Congress
Other tax proposals include exclusions of income from tips, overtime pay, and social security
March 5, 2025
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News
House Ways and Means approves joint resolution to overturn digital asset information reporting regulations and two disaster-related tax bills; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions.
February 26, 2025
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House passes 2025 budget resolution
House and Senate must reach agreement on budget resolution before budget reconciliation process may continue.
February 26, 2025
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House CRA targets include digital asset information reporting regulations
Potential targets for overturning under the Congressional Review Act
February 20, 2025
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House Budget Committee approves 2025 budget resolution
The resolution will next be considered by the full House.
February 14, 2025
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House Budget Committee releases 2025 budget resolution and schedules markup
The budget resolution must be approved by the House Budget Committee before it may be considered by the full House.
February 12, 2025
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House Ways and Means approves four bills aimed at improving tax administration; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions of the bills and the amendments in the nature of a substitute.
February 12, 2025
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Senate Finance leaders release discussion draft of bipartisan legislation to improve IRS services
The legislation would make “an array of common-sense fixes” to IRS procedure and administration.
January 30, 2025
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Senate confirms Scott Bessent as Treasury Secretary
U.S. Senate vote was 68-29
January 28, 2025
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Senate Finance, Foreign Relations Committees introduce Taiwan double-tax relief bill
Legislation providing relief from double taxation of cross-border investment between the United States and Taiwan
January 24, 2025
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Ways and Means Chairman reintroduces bill to impose additional tax if foreign jurisdiction adopts discriminatory or extraterritorial tax
Introduction of the bill intended to reinforce President Trump’s executive order rejecting the OECD “Global Tax Deal”
January 22, 2025
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Treasury Secretary nominee Scott Bessent addresses TCJA expirations in Senate Finance Committee testimony
Bessent stated his intention to work toward making the TCJA tax cuts permanent
January 17, 2025
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House passes Taiwan double-tax relief bill
U.S. House of Representatives today passed H.R. 33
January 15, 2025
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House Ways and Means hearing on making TCJA tax cuts permanent
The House Ways and Means Committee held a hearing on making the TCJA tax cuts permanent.
January 14, 2025
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JCT list of expiring federal tax provisions, 2024 – 2034
Expiring provisions listed by year
January 10, 2025
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Outline of tax priorities upon confirmation of Senate Finance Chairman Crapo
Priorities include extending TCJA provisions set to expire at end of 2025 and Taiwan double-tax relief
January 8, 2025
Highlighted Report
KPMG report: Tax legislative outlook for the 118th Congress
The players, components, and motives that will drive tax legislative agenda in the current Congress | February 7, 2023
News
Senate confirms final Biden nominee to be U.S. Tax Court judge
The Senate confirmed Cathy Fung to be a U.S. Tax Court judge.
November 14, 2024
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KPMG report: Election results, preliminary observations regarding effect on future tax agenda
Preliminary observations regarding effect of yesterday’s election results on future tax agenda
November 6, 2024
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Senate confirms two U.S. Tax Court judges, one nominee remains
The Senate confirmed Jeffrey S. Arbeit and Benjamin A. Guider III to be U.S. Tax Court judges.
September 27, 2024
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Senate confirms U.S. Tax Court judge, three nominees remain
Rose Jenkins confirmed by a vote of 69-17
September 24, 2024
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U.S. House passes bill increasing penalties for illegal tax disclosures
H.R. 8292, the “Taxpayer Data Protection Act”
September 18, 2024
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U.S. House Republican leadership, Ways and Means members express opposition to Pillar Two deal in letter to OECD
Sent a letter to the OECD Secretary-General expressing their opposition
September 18, 2024
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Senate Finance hearing on 2025 tax policy debate; JCT description of present law on income taxation of high income and high wealth taxpayers
Hearing titled “The 2025 Tax Policy Debate and Tax Avoidance Strategies”
September 12, 2024
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House passes bill to exclude electric vehicles with batteries from prohibited foreign entities from clean vehicle credit
The U.S. House of Representatives passed H.R. 7980 by a vote of 217-192.
September 12, 2024
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House Ways and Means approves five assorted tax-related bills; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions of the bills and the amendments in the nature of a substitute.
September 11, 2024
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Vice President Harris releases greater detail on tax proposals
Vice President and Democratic presidential nominee Kamala Harris this week provided greater details on the tax proposals she previously released.
September 10, 2024
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Vice President Harris releases partial economic plan that includes tax proposals
Elements of economic plan include several new tax incentives and preferences
August 16, 2024
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Legislative update: Senate confirms two U.S. Tax Court judges, four nominees remain
The Senate in the last two weeks confirmed two U.S. Tax Court judges nominated by President Biden.
August 5, 2024
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Legislative update: Senate rejects motion to proceed on tax extenders bill
The Senate will not debate or vote on the bill before the August recess.
August 1, 2024
Tax Services
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Senate Finance hearing on tax incentives for economic development and financing; JCT description of present law
The Senate Finance Committee held a hearing titled “Tax Tools for Local Economic Development.”
July 30, 2024
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Senate Majority Leader Schumer files motion to proceed on tax extenders bill
H.R. 7024, the “Tax Relief for American Families and Workers Act”
July 29, 2024
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KPMG report: Expiring provisions in the 2025 “Tax Cliff”
Outline of many tax provisions set to expire
July 29, 2024
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House Ways and Means marks up resolution to disallow clean vehicle tax credits regulations, bills related to education
Resolution of disapproval of the regulations pertaining to clean vehicle credits under sections 25E and 30D
July 9, 2024
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JCT overview of federal tax system (2024)
Annual overview of the four main elements of the federal tax system
May 23, 2024
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House passes disaster tax relief bill
The U.S. House of Representatives passed H.R. 5863, the “Federal Disaster Tax Relief Act of 2023.”
May 22, 2024
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Senate Finance hearing on tax-advantaged accounts benefiting children; JCT description of present law and data
The Senate Finance Committee held a hearing titled “Child Savings Accounts and Other Tax-Advantaged Accounts Benefiting American Children.”
May 22, 2024
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Ways and Means votes bills relating to disclosure requirements and foreign donations and grants of tax-exempt organizations out of committee
The full House may consider the legislation.
May 16, 2024
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Legislative update: Congress passes five-year FAA reauthorization bill
The bill now goes to President Biden for his signature.
May 16, 2024
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House Ways and Means to mark up bills relating to disclosure requirements and foreign donations and grants of tax-exempt organizations
House Ways and Means has scheduled a committee markup of four bills relating to foreign donations and grants received by tax-exempt organizations
May 14, 2024
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Legislative update: Congress passes one-week FAA extension
The U.S. Senate passed consent legislation extending for one week specific FAA programs.
May 10, 2024
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Treasury Secretary Yellen testifies at House Ways and Means Committee hearing on administration’s FY 2025 tax proposals
Written testimony from Secretary of the Treasury
April 30, 2024
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House Ways and Means approves six trade-related bills
The House Committee on Ways and Means approved six trade-related bills.
April 19, 2024
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IRS Commissioner Werfel testifies at Senate Finance Committee hearing on 2025 IRS budget and IRS’s 2024 filing season
The President’s Fiscal Year 2025 IRS Budget and the IRS’s 2024 Filing Season
April 16, 2024
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Senate Finance Chairman Wyden releases legislation on grantor retained annuity trusts
“Getting Rid of Abusive Trusts Act”
March 20, 2024
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Senate Finance hearing on administration’s FY 2025 budget with Treasury Secretary Yellen
Thursday, March 21, 2024, at 10:00 a.m.
March 15, 2024
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KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2025 budget
Proposals will likely serve as the basis of the Biden Campaign tax plan
March 14, 2024
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Treasury releases “Green Book” explanation of tax proposals in FY 2025 budget
“General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”
March 11, 2024
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Legislative update: President signs FAA bill extending fuel and ticket taxes
Legislation to temporarily extend through May 10, 2024, specific FAA programs and activities, fuel and ticket taxes
March 8, 2024
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JCT report on tax incentives for domestic manufacturing, ahead of Senate Finance hearing
The Senate Committee on Finance has scheduled a public hearing for March 12, 2024.
March 8, 2024
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JCT report on Amount A under Pillar One of BEPS 2.0, ahead of Ways and Means hearing
Legal and economic background relating to the taxation of income earned by multinational enterprises (MNEs)
March 5, 2024
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House passes bipartisan tax extenders legislation
U.S. House of Representatives passed H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024”
January 31, 2024
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Bipartisan tax legislation approved by House Ways and Means Committee
The House Ways and Means Committee approved bipartisan tax legislation, H.R. 7024.
January 19, 2024
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Ways and Means Chairman releases text and schedules markup of bipartisan tax legislation; JCT description and estimates
House Ways and Means Committee Chairman Jason Smith released H.R. 7024, the “Tax Relief for American Families and Workers Act of 2024.”
January 18, 2024
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Senate Finance, House Ways and Means chairs release bipartisan framework for tax legislation
A bipartisan framework for proposed tax legislation to be introduced as the “Tax Relief for American Families and Workers Act of 2024”
January 16, 2024
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Legislative update: JCT list of expiring federal tax provisions, 2024 – 2034
JCT report separately lists expiring provisions by year
January 11, 2024
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