Daily Tax Update - January 10, 2013: US, Italy Sign Agreement to Share Information Under FATCA

U.S., ITALY SIGN AGREEMENT TO SHARE INFORMATION UNDER FATCA:  Today, the United States and Italy signed an intergovernmental agreement to implement the Foreign Account Tax Compliance Act (FATCA).

Treasury Deputy Assistant Secretary for International Tax Affairs Robert B. Stack said, “Today's announcement is another important step forward in the fight against international tax evasion, and underscores FATCA's growing momentum and international support.”  Stack added, “We welcome Italy's commitment to strengthening its cooperation with the United States in improving tax compliance.”

JOINT TAX COMMITTEE LISTS TAX EXTENDERS:  The Joint Committee on Taxation has published the list of tax extenders for 2013-2024. 

The document can be accessed via: JCX-1-14

MISCELLANEOUS GUIDANCE RELEASED:

Notice 2014-8 provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.

TAX BILLS INTRODUCED JANUARY 9:

1.    [113rd] H.R.3837 : To amend the Internal Revenue Code of 1986 to protect employees in the building and construction industry who are participants in multiemployer plans, and for other purposes.
Sponsor: Rep Luetkemeyer, Blaine [MO-3] (introduced 1/9/2014)      Cosponsors (3) 
Committees: House Ways and Means; House Education and the Workforce 
Latest Major Action: 1/9/2014 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


2. [113rd] H.R.3838 : To amend the Internal Revenue Code of 1986 to provide a consumer renewable credit for utilities that sell intermittent renewable power.
Sponsor: Rep Paulsen, Erik [MN-3] (introduced 1/9/2014)      Cosponsors (1) 
Committees: House Ways and Means; House Energy and Commerce 
Latest Major Action: 1/9/2014 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.


3. [113rd] S.1899 : A bill to amend the Internal Revenue Code of 1986 to provide a consumer renewable credit for a utility that sells renewable power, and for other purposes.
Sponsor: Sen Klobuchar, Amy [MN] (introduced 1/9/2014)      Cosponsors (2) 
Committees: Senate Finance 
Latest Major Action: 1/9/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.