The IRS tax exempt bond group (“TEB”) continues to work on completing its 2016-‘17 Guidance Plan, as Bob Eidnier wrote last week. However, it might be some time before we see that guidance because of executive branch actions intended to reduce regulations and regulatory costs. Tax Notes reported on February 14 that it will be “a while” before new guidance is released by the IRS. For those of you who have lost track, see below for links to and a summary of President Trump’s executive orders and related executive branch guidance concerning the regulatory freeze and regulatory reform.
- January 20, 2017 Memo regarding Regulatory Freeze Pending Review. This memo from Reince Preibus, White House Chief of Staff, put a hold on most new or pending regulations until such time as a department or agency head appointed by President Trump reviewed and approved the regulation.
- January 24, 2017 OMB Memo regarding “Implementation of Regulatory Freeze” (M-17-16). This memo provided additional guidance regarding the regulatory freeze announced on January 20, 2017.
- Executive Order 13771, Reducing Regulation and Controlling Regulatory Costs, dated January 30, 2017, ordering that two prior regulations be identified for elimination for each new regulation issued.
- February 2, 2017 OIRA Memo regarding Interim Guidance Implementing Section 2 of the Executive Order of January 30, 2017, Titled “Reducing Regulation and Controlling Regulatory Costs,” stating that the “2 for 1” rule of Executive Order 13771 applies only to each new “significant regulatory action that imposes costs,” and requiring the deregulatory actions to fully offset the costs of the new significant regulatory action.
- Executive Order 13777, Enforcing the Regulatory Reform Agenda, dated February 24,2017, ordering the creation of regulatory reform task forces within each agency.