Overview
On September 9, 2022, Bloomberg quoted Lisa Zarlenga in a piece titled "New Tax-And-Climate Law Leaves Much for Treasury to Shape." The article discusses how Treasury will implement Biden's new tax-and-climate package. The new law gives Treasury substantial authority to write regulations and other guidance. This guidance is expected to have answers to a host of questions in the legislation. Zarlenga notes that Treasury has a lot of work to complete in regards to answering those questions.
In relation to a portion of the law that calls for transactions that are "economically similar" to traditional corporate stock repurchases being subject to the legislation's 1% excise tax, Zarlenga said, "They are going to have to clarify what is and isn't covered by 'economically similar.'"
The full article can be read on Bloomberg (subscription required).