Senate Finance Committee Holds Hearing on Business Tax Reform: Today, the Senate Finance Committee held a hearing on tax reform, focusing on both corporations and pass-through entities. Senate Finance Committee Chairman Orrin Hatch (R-UT) said in his opening statement that he is continuing to work on a corporate integration proposal that would allow corporations to deduct dividends paid as a complement to statutory rate reduction. The following witnesses testified:

• Scott A. Hodge

President, Tax Foundation

Testimony

• Donald B. Marron, Ph.D

Institute Fellow, Urban Institute and Urban-Brookings Tax Policy Center 

Testimony

• Troy K. Lewis, CPA, CGMA

Immediate Past Chair, Tax Executive Committee, American Institute of Certified Public Accountants

Testimony

Jeffrey D. DeBoer

President and Chief Executive Officer, The Real Estate Roundtable

Testimony

IRS Publishes Applicable Interest Rates for October: Today, the IRS released Revenue Ruling 2017-20, which provides various prescribed rates for federal income tax purposes for October, including applicable federal rates, adjusted applicable federal rates, the long-term tax-exempt rate, the appropriate percentages for determining the low-income housing credit, and the federal rate for determining the present value of an annuity, an interest for life or for a term of years, or a remainder or a reversionary interest.