Bloomberg Tax
Tax Management Memo

Latest Tax Journals

Schumer Says Bipartisan House Tax Bill Is Not Dead

Senate Majority Leader Chuck Schumer says that a $78 billion bipartisan tax bill is “not dead” and that he and Senate Finance Committee Chairman Ron Wyden are working to move the deal through the Senate.

Proposed Green Energy Tax Credit Regs Would Tighten Requirements

Recent Treasury regulatory proposals for clean energy vehicle and production tax credits should allow continuation of the investment boom in the related industries while implementing provisions toward conservation goals. The guidance is intended to further President Biden’s Investing in America agenda, support U.S. jobs, and bolster energy production and security while reducing energy costs for American consumers.

IRS Provides Insight Into Treatment of Transferable Incentives

In an internal advice on the tax treatment of a pharmaceutical company’s incurred costs in purchasing from a third party a voucher to get expedited review of a new product, the IRS Chief Counsel’s Office provides insight into the treatment of transferable incentives generally.

Direct Pay Bond Issuers May Call Early After Sequester of Credit

The Supreme Court’s recent denial of certiorari to the petition filed by plaintiffs in Indiana Municipal Power Agency v. United States lets stand the decision from the lower courts allowing many issuers of Direct Pay Build America Bonds to employ extraordinary call provisions that are applicable given a material change in the law governing BAB subsidies.