NUMBER OF THE WEEK: $9.6 billion
The total amount that the federal government could save over 10 years under the PTC Elimination Act(H.R. 1901) – a bill that would phase out and repeal the renewable energy production tax credit. In addition to reducing the credit by as much as 35 percent, the bill outlines a special rule to clarify the “beginning of construction” definition, requiring qualified construction to be “continuous, significant, and finite.” The bill introduced by Congressmen Kenny Marchant (R-TX) and Mike Pompeo (R-KS) would also completely repeal the PTC after Dec 31, 2025. “The PTC Elimination Act may only be one piece of the effort to fix our broken tax code […]. That’s the approach to tax simplification we must use to revitalize the American Economy,” Marchant said.
- Tax Committees Approve Health Care Tax Credit.
- Repeal of “Cadillac” Tax Back on Radar.
- Rep. Dold to Replace Schock on Ways & Means.
- Senate Finance to Mark Up 529 College Savings Bill.
- IRS Proposed Regulations Expand PFICs.
- SIFMA Seeks De Minimis Relief for Correcting Information Returns.