White House Releases Infrastructure and Budget Proposals: Today, the Administration released its legislative goals for rebuilding US infrastructure. The plan includes $6 billion for the expansion of tax-exempt private activity bonds for public projects. Other proposals to increase the use of bonds include eliminating the alternative minimum tax preference on such bonds, removing the state population and nationwide transportation volume caps, and providing for change-of-use provisions to preserve the bonds’ tax-exempt status.
The Administration also released its fiscal year 2019 budget request. The budget requests $12.3 billion in base discretionary resources for Treasury’s domestic programs, a $392 million or a three-percent decrease from the 2017 enacted level. The budget proposes $11.1 billion in base funding for the IRS, including $2.3 billion for tax filing and compliance applications and $110 million to modernize technological capabilities. The budget also requests additional funds to expand and strengthen the enforcement of tax law.
Treasury Releases Strategic Plan for Fiscal Years 2018-2022: Today, the Department of the Treasury released its Strategic Plan for Fiscal Years 2018-2022. The plan, published every four years, outlines the goals and objectives for achieving the department’s mission.
Bipartisan Budget Act of 2017: The Bipartisan Budget Act of 2017 has been assigned P.L. 115-123.