Daily Tax Update - February 12, 2015: Tax Ruling Practices of EU Member States to be Investigated by European Parliament

Tax Ruling Practices of EU Member States to be Investigated by European Parliament:  The European Parliament voted overwhelmingly today to establish a special parliamentary committee to look into EU member states’ “tax rulings and other measures similar in nature or effect.”  Parliament described the mandate of the 45-member committee:

The committee will look into tax ruling practices as far back as 1 January 1991, but will also review the way the European Commission treats state aid in member states and the extent to which they are transparent about their tax rulings.  It will also seek to ascertain the negative impact of aggressive tax planning on public finances and will come up with recommendations for the future.

The committee will have an initial term of six months.

Tax Bills Reported Out by Ways and Means:  The House Committee on Ways and Means reported out three tax bills: a bill to make permanent the research credit, a bill to make permanent the deduction for state and local general sales taxes, and a bill to make modifications to Section 529 plans.