Legislative Updates Legislative Updates Legislative Updates

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May 25 - House Ways and Means Chairman Smith introduces bill that would impose additional tax on foreign jurisdictions with undertaxed payments rule (UTPR)

May 24 - Finance, Ways and Means chairs and ranking members write letter to Treasury and IRS regarding Secure Act 2.0 technical corrections

May 12 - JCT overview of federal tax system (2023)

May 10 - JCT report on U.S. international taxation of U.S. multinationals, ahead of Senate Finance hearing

Apr 28 - IRS Commissioner Werfel testifies at House Ways and Means Committee hearing on accountability and transparency at the IRS

Apr 27 - House passes plan to increase debt limit

Apr 19 - IRS Commissioner Werfel testifies at Senate Finance Committee hearing on 2024 IRS budget and IRS’s 2023 filing season

Apr 18 - JCT report on energy-related tax changes made by “Inflation Reduction Act of 2022”

Mar 14 - KPMG report: Analysis and observations of tax proposals in Biden Administration’s FY 2024 budget

Mar 9 - KPMG report: Initial impressions of tax proposals in Biden Administration’s FY 2024 budget

Mar 9 - FY 2024 budget: “Green Book”—Treasury’s explanation of tax proposals

Mar 9 - Administration releases FY 2024 budget recommendations

Mar 3 - JCT report on tax provisions related to residential housing, ahead of Senate Finance hearing

Feb 7 - KPMG report: Tax legislative outlook for the 118th Congress

Jan 18 - JCT list of expiring federal tax provisions, 2022-2034

Jan 10 - House passes IRS defunding bill

Jan 10 - Jason Smith selected to chair House Ways and Means Committee

Dec 29 - President signs Consolidated Appropriations Act

Dec 23 - House passes Consolidated Appropriations Act (with revenue provisions)

Dec 22 - Senate passes Consolidated Appropriations Act (with revenue provisions)

Dec 20 - Senate Appropriations Committee releases text of omnibus appropriations bill, including limited tax provisions

Nov 18 - KPMG report: U.S. congressional elections and tax policy; preliminary observations

Nov 10 - KPMG report: Corporate Alternative Minimum Tax considerations and FAQs

There were no articles in October 2022.

Sep 30 - KPMG report: Accounting for tax provisions in the “Inflation Reduction Act of 2022” and CHIPS legislation

Sep 23 - KPMG report: Tax provisions in the “Inflation Reduction Act of 2022” relevant to the banking industry; potential implications

Sep 8 - Senate Finance Committee leaders release text of retirement tax legislation

Aug 16 - President signs budget reconciliation legislation; KPMG’s report on tax law changes

Aug 12 - House passes reconciliation bill with tax provisions

Aug 10 - KPMG report: Initial analysis and observations about tax law changes in budget reconciliation bill (as passed by Senate)

Aug 9 - JCT revenue estimates and distributional analysis of budget reconciliation bill

Aug 9 - KPMG report: Overview of investment tax credit for investments in semiconductor manufacturing

Aug 9 - President signs CHIPS legislation that includes advanced investment tax credit for semiconductor manufacturing

Aug 9 - Legislative text of reconciliation bill with tax provisions

Aug 7 - Senate passes reconciliation bill with tax provisions

Aug 3 - KPMG report: Initial impressions of corporate alternative minimum tax provision in draft Senate reconciliation bill

Aug 2 - KPMG report: Initial impressions of “carried interest” provision in draft Senate reconciliation bill

Jul 29 - KPMG report: Initial impressions of energy tax provisions in draft Senate reconciliation bill

Jul 28 - House passes CHIPS bill with advanced investment tax credit for semiconductor manufacturing

Jul 27 - Updated: Reported agreement on Senate reconciliation bill, legislative text and summary of bill

Jul 27 - Senate passes CHIPS bill, includes advanced investment tax credit for semiconductor manufacturing

Jul 25 - JCT revenue estimates of tax proposals in Biden Administration’s FY 2023 budget

Jul 18 - JCT report on tax incentives for residential real estate, ahead of Senate Finance hearing

Jul 11 - JCT report on tax incentives for residential real estate, ahead of Ways and Means hearing

Jun 28 - JCT overview of federal tax system (2022)

Jun 22 - Senate Finance approves retirement tax legislation

There were no articles in May 2022.

Apr 4 - KPMG report: Tax proposals for exempt organizations in Biden Administration’s budget for FY 2023

Apr 1 - House passes cannabis bill with tax provisions

Mar 30 - KPMG report: International tax proposals in Biden Administration’s budget for FY 2023

Mar 28 - KPMG report: Initial impressions of tax proposals in Biden Administration’s budget for FY 2023

Mar 28 - FY 2023 budget: “Green Book”—Treasury’s explanation of tax proposals

Mar 28 - FY 2023 budget: Initial document is released

Mar 11 - JCT report on federal tax treatment of charitable contributions ahead of Finance Committee hearing

Mar 8 - JCT releases “Bluebook” on tax legislation in 116th Congress

Feb 4 - House passes trade bill with tax measure concerning health insurance

Jan 13 - JCT list of expiring federal tax provisions, 2021-2031

Jan 3 - KPMG report: Congress reconvenes—What’s next for tax legislation?

Dec 12 - Senate Finance releases revised text of “Build Back Better Act”

Dec 11 - Preliminary text of Senate Finance’s portion of “Build Back Better Act”

Dec 3 - KPMG report: Financial statement and potential U.S. GAAP implications of tax proposals in “Build Back Better Act”

Nov 19 - House passes “Build Back Better Act” with tax measures (updated KPMG report)

Nov 15 - President signs bipartisan infrastructure bill, tax provisions are enacted

Nov 11 - KPMG report: “Build Back Better Act” tax proposals in pending House bill

Nov 5 - House passes bipartisan infrastructure bill with tax provisions, completing congressional action

Nov 4 - JCT revenue estimate of tax provisions (as modified) in “Build Back Better Act”

Nov 3 - House Democrats propose more modifications to “Build Back Better Act”

Oct 28 - House Rules Committee releases updated version of the “Build Back Better Act” (initial impressions)

Oct 28 - House Rules Committee releases new legislative text for “Build Back Better Act”

Oct 27 - Senate Finance Chairman Wyden unveils “billionaires income tax”

Oct 26 - Senate Finance Chairman Wyden introduces “corporate profits minimum tax”

Oct 19 - KPMG report: Proposed reinstatement of superfund taxes; three excise taxes for petroleum and chemicals industries, but double the rates

Sep 28 - House Budget Committee’s report on “Build Back Better Act” (the reconciliation bill)

Sep 17 - KPMG report: Senate Finance Chairman Wyden discussion draft to reform taxation of passthrough entities

Sep 16 - KPMG report: Tax proposals for budget reconciliation legislation approved by Ways and Means

Sep 15 - Ways and Means approves tax title to Build Back Better Act

Sep 14 - KPMG report: Ways and Means tax proposals relating to infrastructure, energy, housing, retirement, and social safety net

Sep 13 - JCT estimated budgetary effects, technical explanation of revenue-raising Ways and Means proposals

Sep 13 - Ways and Means releases additional proposals for markup, including tax increases

Sep 11 - JCT descriptions, estimated budgetary effects of Ways and Means proposals

Sep 11 - Ways and Means releases additional proposals for markup, including tax credits and incentives

Sep 10 - Senate Finance Chairman Wyden proposes excise tax on stock buybacks

Sep 10 - Senate Finance Chairman Wyden releases discussion draft on reforming taxation of passthrough entities

Sep 7 - Ways and Means announces first part of budget reconciliation markup, includes qualified plan proposals

Aug 25 - Senate Finance Chairman Wyden, Democratic members: Discussion draft on overhauling U.S. international taxation

Aug 24 - U.S. House passes budget resolution; implications for major tax legislation

Aug 18 - Senate Finance Chairman Wyden introduces housing bill, includes tax credits

Aug 16 - KPMG report: Tax provisions for banking industry in Biden Administration’s FY 2022 budget proposals

Aug 12 - Senate infrastructure bill would expand cryptocurrency tax reporting

Aug 11 - U.S. Senate passes budget resolution; implications for major tax legislation

Aug 10 - Senate approves infrastructure bill, including tax provisions

Aug 5 - Senate Finance Chairman Wyden introduces carried interest bill

Aug 5 - Senate Finance Chairman Wyden’s bill on tax treatment of derivatives

Aug 2 - Senate releases legislative text of bipartisan infrastructure bill

Jul 20 - Proposal for border carbon adjustment tariff

Jul 20 - Senate Finance Chairman Wyden's proposal to modify section 199A qualified business income deduction

Jul 2 - Ways and Means, Finance chairs express support for global minimum tax

Jul 1 - KPMG report: Healthcare-related tax provisions in Biden Administration’s FY 2022 budget proposals

Jun 28 - KPMG report: Inbound tax provisions in Biden Administration’s FY 2022 budget proposals

Jun 28 - KPMG report: Tax provisions for asset management industry in Biden Administration’s FY 2022 budget proposals

Jun 18 - KPMG report: Energy and natural resources, tax provisions in the Biden Administration’s FY 2022 budget proposals

Jun 18 - KPMG report: Insurance tax provisions in the Biden Administration’s FY 2022 budget proposals

Jun 16 - House passes bill requiring country-by-country reporting of pre-tax profits, taxes paid

Jun 16 - KPMG report: Tax provisions that may affect individual taxpayers in the Biden Administration’s FY 2022 budget proposals

Jun 4 - KPMG report: Biden Administration’s tax plan and implications for real estate industry

Read archived articles [PDF 340 KB] of TaxNewsFlash-Legislative Updates

• Asset management [PDF 1.2 MB] (67 pages)
• Banking [PDF 635 KB] (22 pages)
• Energy and natural resources [PDF 612 KB] (27 pages)
• Healthcare [PDF 625 KB] (19 pages)
• Inbound [PDF 558 KB] (19 pages)
• Individuals [PDF 10.5 MB] (57 pages)
• Insurance [PDF 553 KB] (15 pages)
• Real estate [PDF 272 KB] (21 pages)

February 4, 2021 - KPMG report: Biden Administration and the 117th Congress; possible tax legislation [PDF 2.4 MB] (29 pages)

• August 2022: KPMG report: Analysis and observations: Tax law changes in the “Inflation Reduction Act of 2022” [PDF 1.5 MB] (73 pages)
• March 2020: KPMG report: Tax provisions in the CARES Act (COVID-19 “phase 3” response): Preliminary analysis and observations
  
• March 2020: KPMG report: “Phase 2” coronavirus bill, includes tax relief for paid leave (COVID-19)
• January 2019: KPMG report: Tax policy and the 116th Congress – observations and preliminary analysis
• April 2019: KPMG report: Twenty questions about possible technical corrections to 2017 Tax Act [PDF 317 KB]
• January - March 2018: Tax reform—KPMG report on new tax law [PDF 6.4 MB] (in addition, the items below provide "mini-booklets" with descriptions of tax provisions in the new law concerning certain industries or sectors)
  • Tax reform: Provisions relevant to compensation, benefits, & qualified plans [PDF 637 KB]
    
  • New tax law: International provisions and observations [PDF 473 KB]
    
  • Tax reform and the potential impacts to the banking industry [PDF 1.4 MB]
    
  • Tax reform: Issues for exempt organizations (Pub. L. 115-97) [PDF 316 KB]
  • New tax law (Pub. L. 115-97)—Energy & natural resources [PDF 1.8 MB]
  • Issues for partnerships, S corporations, and their owners [PDF 589 KB] 
  • Power and utilities industry measures in new tax law [PDF 944 KB]
  • Tax reform, accounting for income taxes [PDF 487 KB]
  • Accounting for U.S. tax reform under IFRS [PDF 415 KB]

• December 2017: Conference agreement for H.R. 1, Tax Cuts and Jobs Act - Initial observations [PDF 1.1 MB]
• December 2017: Senate tax reform bill—Initial observations on Senate-passed bill [PDF 1.7 MB]
• November 2017: Senate tax reform bill—Initial observations on Finance Committee bill [PDF 1.3 MB]
• November 2017: House Republican tax reform bill—Initial observations on House-passed bill [PDF 1.8 MB]
• November 2017: Senate tax reform bill—Initial observations on Chairman Hatch's mark [PDF 1.1 MB]
• November 2017: House Republican tax reform bill—Initial observations on Ways and Means Committee bill [PDF 1.8 MB]
• November 2017: House Republican tax reform bill—initial observations on Chairman Brady's mark [PDF 1.7 MB]
• September 2017: Unified framework for comprehensive tax reform—initial observations [PDF 1.0 MB]
• June 2016: House Republican tax reform “blueprint”—initial observations
• March 2016: Preliminary observations about JCT “Bluebook”description of partnership audit reforms
• February 2016: Tax provisions in the administration’s FY 2017 budget [PDF 1.1 MB] (in addition, the items below provide "mini-booklets" with descriptions of tax provisions in the administration's FY 2017 budget concerning certain industries or sectors)
      -  Closely held businesses and their owners [PDF 549 KB]
      -  Compensation, benefits, & qualified plans [1.05 MB]
      -  Exempt organizations [PDF 1.01 MB]
      -  Insurance [PDF 1.7 MB]
      -  Passthroughs [PDF 1.35 MB]
• January 2016: Protecting Americans from Tax Hikes Act of 2015, year-end tax legislation [PDF 468 KB]
• November 2015: Partnership tax changes in Budget Act [PDF 184 KB]
• September 2015 (KPMG reports): International tax, patent boxes, and tax reform [PDF 3.62 MB] 
• 2014: Tax reform proposals of W&M chairman [PDF 2.92 MB] (2014 "Camp report")
• 2015: Comparison: Camp tax reform bill, Obama Administration FY 2016 budget proposal [PDF 693 KB] 
• 2015: Tax provisions in the administration FY 2016 budget (in addition, provides "mini-booklets" with descriptions of tax provisions in the administration's FY 2016 budget)

Read TaxNewsFlash-Tax Reform (TCJA)

Tax measures enacted (December 2019): KPMG report: Tax provisions enacted in December 2019 appropriations legislation

U.S. tax law (2017): Read KPMG's analysis and observations, as well as industry or sector-specific reports about provisions in the 2017 tax law

KPMG’s reports including analysis and observations on responses to the coronavirus (COVID-19) pandemic in the United States 

Read KPMG's reports on U.S. responses to COVID-19