US: Illinois governor receives 2025 budget revenue bill
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
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US: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
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US negotiates CbC exchange deal with Dominican Republic
As per an update to the IRS Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
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US proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
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US proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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US: IRS reminds overseas taxpayers deadline for 2023 tax returns
The US Internal Revenue Service issued a notice on Tuesday, 28 May, 2024, which reminded taxpayers living and working outside the United States to file their 2023 federal income tax return by 17 June, 2024. This deadline applies to US citizens
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US: IRS extends tax relief for Texas residents impacted by adverse weather
The US Internal Revenue Service (IRS), on Tuesday, 28 May, 2024, in a release (TX-2024-13) announced tax relief for individuals and businesses in Texas affected by severe storms, straight-line winds, tornadoes, and flooding that began on 26 April,
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G7 finance ministers pledge for a fairer global tax system
The G7 Finance Ministers and central bank governors held a meeting from 23–25 May, 2024, at Stresa, Italy, during which they issued a Communiqué reaffirming their commitment to creating a more stable and equitable international tax system. The
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US: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
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Kenya and US to strengthen business and trade ties
Kenyan President William Ruto announced that Kenya will engage in a new round of trade negotiations with the US on Friday, 24 May 2024, during a visit to the US. These talks aim to promote new business agreements and to strengthen economic ties
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US: Working groups to examine TCJA provisions
US Senate Finance Committee ranking member Mike Crapo (R-Idaho) has reportedly established “working groups” of Republican taxwriters to examine various tax provisions affecting individuals, estates, and passthrough entities. These provisions
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US: IRS updates guidance on domestic content bonus credit for clean energy projects
The US Internal Revenue Service (IRS) and the Department of Treasury released a corrected version of Notice 2024-41, on Friday, 24 May, 2024, which provides additional guidance regarding the domestic content bonus credit for clean energy facilities
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US publishes list of boycott countries
The US Treasury Department issued a notice on Tuesday, 21 May, 2024, in the Federal Register, regarding the current list of countries that need participation in, or cooperation with, an international boycott. The list includes Kuwait, Iraq,
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US: JCT releases overview of federal tax system (2024)
The United States’ Joint Committee on Taxation (JCT) released an annual overview of the four main elements of the federal tax system on Thursday, 23 May, 2024. The main elements include an income tax on individuals, estates, trusts, and
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US: IRS extends transitional relief for certain dividend equivalent rules
The US Internal Revenue Service (IRS) has declared that the Treasury and IRS plan to amend section 871(m) regulations, as stated in Notice 2024-44. This amendment will postpone the effective and applicability dates of specific provisions. This
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US: USTR issues notice on section 301 proposed tariff changes and machinery exclusion process
The United States Trade Representative (USTR) Katherine Tai issued a notice regarding the statutory review of tariff actions in the Section 301 investigation of China’s acts, policies, and practices related to technology transfer, intellectual
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US: Senator Wyden broadens big pharma tax investigation, targets Pfizer
The US Senate Finance Committee Chair Ron Wyden announced that he is expanding the ongoing investigation into the tax practices of multinational pharmaceutical companies with a new letter sent to the CEO of Pfizer on Monday, 20 May, 2024. An
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US: House of Representatives approve disaster tax relief bill
The House of Representatives of the US Congress passed H.R. 5863 —The Federal Disaster Tax Relief Act of 2023 on Tuesday, 21 May, 2024. This USD 5 billion legislation aims to extend specific rules for the deductibility of specific personal
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