House Committee Approves Tax Package
House Ways & Means Committee advances tax bill trio. The panel sent to the House floor three tax bills with $237 billion in business and individual tax cuts, with the primary offset coming from a proposed $200 billion reduction in energy tax credits passed last year through the Inflation Reduction Act.
Treasury and IRS release clean energy tax credit guidance for public, nonprofit, and private sectors. State, city, and local governments and other nonprofit entities could be eligible for cash payments equal to the value of clean energy tax credits. The money could be used to help a school district electrify its buses or allow a nonprofit organization to add solar panels to its building’s roof. The Wall Street Journal takes a closer look (paywall) at how the credits will work.
Fed holds interest rates steady, for now. The Federal Reserve’s funds rate range will remain at 5 to 5.25 percent, the highest level since 2008. Its rate-setting committee announced yesterday that the baseline interest rate would remain unchanged for the first time since January 2022. But Fed Chair Jerome Powell said that “nearly all” committee members “expect that it will be appropriate to raise interest rates somewhat further by the end of the year.”
IRS taps Mark Schneider to lead the corporate division in the Office of Chief Counsel. Schneider served as deputy associate chief counsel (corporate) from 2005 to 2008 and as special counsel in 2020 and 2021. Between those assignments, he was a principal at Deloitte Tax LLP. He’ll now leave his post as senior director of RSM US LLP to join the IRS, reports TaxNotes (paywall).
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