Daily Tax Update - April 16, 2015: Rep. Renacci Proposes Indexing Federal Gas and Diesel Tax to Inflation

Rep. Renacci Proposes Indexing Federal Gas and Diesel Tax to Inflation:  Today, Rep. James Ranacci (D-OH) introduced the “Bridge to Sustainable Infrastructure Act,” which would index the federal gas and diesel tax to inflation.  Revenue from the tax would be used to fund the Highway Trust Fund, which is expected to run out of funding this summer.  Senators Barbara Boxer (D-CA) and Rand Paul (R-KY) have proposed funding the Highway Trust Fund with revenue from a tax repatriation holiday (under which U.S. companies could repatriate foreign earnings at a tax rate of 6.5%).

IRS Releases 2014 Competent Authority Statistics:  The Office of the United States Competent Authority (USCA) today issued statistics on cases handled by the Advance Pricing and Mutual Agreement (APMA) Program and the Treaty Assistance and Interpretation Team (TAIT).  In 2014, APMA received 286 new cases and resolved 133 cases with an average processing time of 21.4 months.  TAIT received 68 new cases and resolved 52 cases with an average processing time of 19.8 months.