26 Days Left To Reach A Spending Deal
Funding legislation stuck with a Speaker-less House. The federal government is funded through Nov. 17, but without a speaker in place, the House cannot advance funding legislation as it normally would. Sen. Shelley Moore Capito (R-WV) told The Hill, “We’re running out of time… Any House member I talk to, they now just shrug their shoulders like they don’t know what’s going on or where the end is.” The Senate is continuing work on a $105 billion supplemental package to aid Israel and Ukraine.
Rules for hydrogen tax breaks can’t come soon enough. The Wall Street Journal reports on the battle among energy producers over billions of dollars in Inflation Reduction Act tax subsidies for clean hydrogen production. The Biden administration is considering a range of proposals to regulate the subsidies. A key sticking point is how strictly to define the eligible energy sources that can be used to make clean hydrogen. A number of large energy production firms want broad definitions, even if those sources include those that generate carbon emissions.
The IRS collected $160 million in back taxes from millionaires this year. The agency reported Friday that it has collected $122 million from closing 100 additional cases out of 1,600 involving high-income individuals with over $250,000 in tax debt.
China’s tax authorities are investigating Apple manufacturer Foxconn. Chinese media outlets say Foxconn faces investigations in four provinces of China to determine whether the company has complied with land use regulations. Many local governments in China are facing financial hardship amid uncertainty in the real estate market and seeking ways to maximize revenue.
For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at [email protected].
