Daily Tax Update - March 7, 2017: JCT Releases Estimates of Repeal and Replace Legislation

Join us!  We cordially invite you to attend Steptoe’s cocktail reception during the 2017 Tax Executives Institute Midyear Conference on Monday, March 20 from 6:00 p.m. – 8:00 p.m. at the Grand Hyatt Hotel in Washington, DC.  The reception will be held in the Declaration AB room.  Please RSVP here if you plan to attend. 

JCT Releases Estimates of Repeal and Replace Legislation:  Today, the Joint Committee on Taxation (JCT) released a description and revenue estimate of the American Health Care Act.  JCT estimates the legislation would cost roughly $600 billion over 10 years.  The highest dollar provision, at $157.6 billion, is the repeal of the 3.8% tax on net investment income.  Additional JCT estimates and descriptions of the legislation can be found here

Interest Rates Unchanged for Second Quarter:  Revenue Ruling 2017-6 announced that interest rates will remain the same for the second quarter of 2017.  The rates will be: 4% for overpayments (3% in the case of a corporation; 1.5% for the portion of a corporate overpayment exceeding $10,000; 4% for underpayments; and 6% for large corporate underpayments.