Overview
Senate Finance Committee Holds Hearing on Impact of Tax Reform: Today, the Senate Finance Committee held a hearing on the early effects of 2017’s tax reform legislation. Committee Chairman Orrin Hatch (R-Utah) noted that numerous companies have announced increased wages, benefits, and investment or expansion in the United States because of the new law. Ranking Member Ron Wyden (D-Oregon) said that the law was not benefitting small businesses.
Treasury Department Releases Report Highlighting Regulatory Achievements: Today, the US Treasury Department today released a report detailing its accomplishments in support of President Trump’s regulatory reform agenda, including eliminating “deadwood” regulations and reducing its regulatory agenda by 100 items.
Ways and Means Committee Chairman Discusses Benefits of Tax Reform: In a TV appearance today, House Ways and Means Committee Chairman Kevin Brady (R-Texas) said that trade and economic growth could build off of the momentum of 2017’s Tax Cuts and Jobs Act.
Miscellaneous Guidance:
Revenue Procedure 2018-28 provides issuers of qualified mortgage bonds and mortgage credit certificates with guidance regarding nationwide average purchase prices for residences located in the United States and average area purchase price safe harbors for residences located in certain statistical areas.
Revenue Ruling 2018-12 provides the applicable federal interest rate, adjusted applicable federal interest rate, adjusted federal long-term rate, and adjusted federal long-term tax-exempt rate for federal income tax purposes.