Daily Tax Update - September 19, 2017: Senate Finance Committee Holds Hearing on Business Tax Reform

Senate Finance Committee Holds Hearing on Business Tax Reform:  Today, the Senate Finance Committee held a hearing on tax reform, focusing on both corporations and pass-through entities. Senate Finance Committee Chairman Orrin Hatch (R-UT) said in his opening statement that he is continuing to work on a corporate integration proposal that would allow corporations to deduct dividends paid as a complement to statutory rate reduction. The following witnesses testified:

  • Scott A. Hodge
    President, Tax Foundation
    Testimony
  • Donald B. Marron, Ph.D
    Institute Fellow, Urban Institute and Urban-Brookings Tax Policy Center
    Testimony
  • Troy K. Lewis, CPA, CGMA
    Immediate Past Chair, Tax Executive Committee, American Institute of Certified Public Accountants
    Testimony
  • Jeffrey D. DeBoer
    President and Chief Executive Officer, The Real Estate Roundtable
    Testimony

IRS Publishes Applicable Interest Rates for October:  Today, the IRS released Revenue Ruling 2017-20, which provides various prescribed rates for federal income tax purposes for October, including applicable federal rates, adjusted applicable federal rates, the long-term tax-exempt rate, the appropriate percentages for determining the low-income housing credit, and the federal rate for determining the present value of an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest.