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Report on recent US international tax developments – 11 January 2019

The new House Ways and Means Committee Chairman, Richard Neal, this week offered hints as to his tax priorities, as Democrats begin the process of governing in the lower chamber following the November mid-term elections. Chairman Neal was quoted as saying he plans to schedule hearings on the impact of the 2017 Tax Cuts and Jobs Act (TCJA) before the end of January. First up, however, the Chairman indicated the committee would focus on healthcare, with a hearing as early as end of the month. While Chairman Neal criticized a number of TCJA provisions when he was the ranking minority member on the committee, he has not said what specific tax reform provisions he plans to target first.

Chairman Neal was also quoted as saying the committee is considering how to address the left-over issue of tax extenders legislation. He reportedly has not decided whether a tax extenders package would move as stand-alone legislation or as part of a must-pass bill.

The Internal Revenue Service (IRS) on 31 December posted the final version of Form 8990, “Limitation on Business Interest Expense Under Section 163(j).” Instructions to the form were posted on the IRS website on 3 January. The Government released proposed regulations (REG-106089-18) under Internal Revenue Code Section 163(j) on 26 November, which was modified in December 2017 by the TCJA.

EYG no. 012811-18Gbl

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