'Big Six' Release Tax Reform Framework: Today, the “Big Six” administration and congressional leaders -- Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), House Ways and Means Chair Kevin Brady (R-TX), and Senate Finance Committee Chair Orrin Hatch (R-UT) -- released their “Unified Framework for Fixing Our Broken Tax Code.” This framework provides more details on the tax reform plan they have been developing over the past several months. Click here to read more.
IRS Withdraws and Re-Issues Proposed Regulations on Tax-Exempt Private Activity Bonds: Today, the Treasury Department and the IRS issued proposed regulations updating the public approval requirement under section 147(f) applicable to tax-exempt private activity bonds issued by state and local governments. In today’s regulation package, the IRS withdrew two sets of existing proposed regulations and replaced them with new regulations to reflect advances in technology for providing reasonable notice of a public hearing. Today’s proposed regulations also include special rules for the public approval of mortgage revenue bonds, qualified student loan bonds, and qualified 501(c)(3) bonds issued for pooled financings as described in section 147(b)(4). Comments and requests for a public hearing on the proposed regulations must be submitted to the IRS by December 27.