Daily Tax Update - December 10, 2014: Congress Releases Omnibus Spending Bill

Congress Releases Omnibus Spending Bill:  The Consolidated and Further Continuing Appropriations Act, 2015, was released by the House Appropriations Committee yesterday.  The bill was negotiated with the Senate Appropriations Committee and provides funding for the federal government, including the IRS, for the remainder of the fiscal year.

Draft Legislation for UK Diverted Profits Tax Available:  The UK published draft tax legislation relating to the diverted profits tax.  Click here for more information regarding this proposal.

Luxembourg Releases Statement in Response to Leaks of Tax Rulings:  The Luxembourg Ministry of Finance released comments relating to the most recent publications of tax rulings issued by the Luxembourg tax administration.

Administration Releases Statement on Supporting America’s Charities Act:  In a Statement of Administration Policy, the White House announced its opposition to the passage of H.R. 5806, the Supporting America’s Charities Act.  The proposed bill permanently extends certain tax provisions relating to qualified conservation contributions, food contributions, and distributions from individual retirement accounts to public charities, but does not include offsets.  A Joint Committee on Taxation report provided that the tax provisions would add $11.1 billion to the deficit over 10 years.

IRS Releases Standard Mileage Rates for 2015:  In Notice 2014-79, the IRS provided the optional standard mileage rates used for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.  Starting on January 1, 2015, the rates will be 57.5 cents per mile for business miles, 23 cents per mile for medical or moving purposes, and 14 cents per mile for services to charitable organizations.