Daily Tax Update - July 20, 2017: Finance Committee Unanimously Advances Kautter Nomination

Finance Committee Unanimously Advances Kautter Nomination:  The Senate Finance Committee unanimously advanced the nomination of David J. Kautter to be assistant secretary for tax policy.

Trump Administration Releases Update to Unified Regulatory Agenda:  The Office of Information and Regulatory Affairs released the spring 2017 update to the Unified Agenda of Regulatory and Deregulatory Actions, which provides an updated report on the actions administrative agencies plan to issue in the near and long term. The update is described as “the beginning of fundamental regulatory reform and a reorientation toward reducing unnecessary regulatory burden on the American people.” The Treasury and IRS rule list can be found here.

Budget Committee Approves Budget Resolution:  The House Budget Committee approved a concurrent budget resolution. The resolution includes reconciliation instructions and a broad policy statement on tax reform, calling for simplification, lower marginal rates for individuals and corporations, consolidation of individual tax brackets, repeal of the AMT, and a transition to a “more competitive” system of international taxation.

Extension of HFA Hardest-Hit Fund Guidance Released:  Notice 2017-40 provides guidance on the Treasury Department’s Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets, extending the information-reporting safe harbor under Notice 2015-77 through the 2021 taxable year and extending the scope and effective date of Rev. Proc. 2011-55.