House Freedom Caucus Introduces Petition to Force Vote on ‘Clean’ ACA Repeal: Today, during a pro-forma session, members of the House Freedom Caucus introduced and signed a so-called discharge petition to force a floor vote on a bill (H.R. 1436) that would, according to a press release issued by Freedom Caucus Chairman Mark Meadows (R-NC), bring about a “clean repeal” of the Affordable Care Act. To succeed, the petition would require signatures from a majority of House lawmakers.
Miscellaneous Guidance Released:
Revenue Procedure 2017-44 provides the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effectively connected net investment income under section 842(b) for taxable years beginning after December 31, 2015.
Revenue Procedure 2017-45 provides guidance regarding certain stock distributions by real estate investment trusts (REITs) and regulated investment companies (RICs). Pursuant to section 4 of the revenue procedure, if a publicly offered REIT or publicly offered RIC (both defined in section 3 of the revenue procedure) distributes stock in a transaction meeting the requirements of section 5 of the revenue procedure, the IRS will treat the distribution of stock as a distribution of property to which section 301 applies by reason of section 305(b).
Notice 2017-43 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates under section 417(e)(3), and the 24-month average segment rates under section 430(h)(2). The notice also provides guidance as to the interest rate on 30-year Treasury securities under section 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate under section 431(c)(6)(E)(ii)(I).