Library policy feedback and updating mechanism
The Senate on July 27, 2017, defeated the Republican attempt to pass H. 1628, the "American Health Care Act of 2017," culminating in a 49-51 vote to defeat the "skinny bill" that was the Republican's best hope to repeal the Affordable Care Act (ACA).Companies under a tax audit for tax year 2012 and onwards should request suspension of the deadline now to preserve their right to receive MAP assistance, particularly if they have not received an observation letter or tax assessment from Mexico identifying possible areas of non-compliance under the Mexico-US income tax treaty.On October 2, 2017, the US Treasury Department and the US Internal Revenue Service announced that they intend to amend the final regulations under Section 987, as well as certain related provisions of the temporary regulations under that section to delay the applicability date of those regulations by one year.The framework calls for replacing America's "existing, outdated worldwide tax system" and allow a 100% exemption for dividends from foreign subsidiaries in which the US parent owns at least a 10% stake.
The Committee held a separate hearing, directly after, on the nomination of David Kautter, a former Director of National Tax at EY, to be the next Assistant Secretary of the Treasury for Tax Policy.
The Senate Budget Committee, approved an FY 2018 budget resolution with tax reform reconciliation instructions that, if the House and Senate agree to the same resolution, will allow a tax bill to pass the Senate with the votes of as few as 50 senators (with the Vice President breaking the tie).
In a report on planned actions regarding eight tax regulations earlier identified as burdensome, the Treasury Department said it is considering a proposal to revoke the Section 385 documentation regulations and to develop revised documentation rules that would be substantially simplified and streamlined.
An arrangement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income entered into force on December 19, 2016, and applies to the relevant taxes arising from transactions on or after January 1, 2017.
The Canada Revenue Agency (CRA) will consider limited liability partnerships and limited liability limited partnerships (collectively, LLPs) established under Delaware and Florida law to be corporations for Canadian income tax purposes.