IRS Issues Required Minimum Distribution Rules
IRS keeps RMD rule. Treasury and the IRS issued final regulations that update required minimum distribution (RMD) rules, reflecting the SECURE Act and the SECURE 2.0 Act and confirming application of the 10-year rule. As TaxNotes reports (paywall), that rule requires plan beneficiaries to follow both the 10-year rule and the “at least as rapidly” rule, under which beneficiaries are required to take RMDs for the first nine years if the RMDs began before the plan participant died.
Remember the LIFT Act? President Joe Biden dropped out of the presidential race yesterday and endorsed Vice President Kamala Harris as the Democratic Party’s presidential nominee. As a US Senator from California, Harris had proposed in 2018 the Livable Incomes for Families Today (LIFT) Act, which TPC analyzed. The bill would create a new refundable tax credit for low- and middle-income households. Will the bill receive renewed attention?
Nebraska Gov. Pillen has a property tax cut plan. Republican Gov. Jim Pillen released a plan to cut property taxes paid by Nebraskans by an average of 50 percent. That would be the largest property tax cut in state history. Under the plan, the state would assume greater funding of public K-12 education and limit local tax collections.
On Capitol Hill this week. The House Ways & Means Subcommittee will hold a hearing on tax-exempt organizations and how to track whether they are financing antisemitism in the United States and terrorism abroad.
Will the day-tripper tax in Venice last even longer? Venice city officials said the €5 tax generated €2.4 million ($2.6 million) during its test phase over the summer. The levy was paid 485,062 times between April 14 and July 14. Visitors paying the tax were mostly Italian citizens (60 percent), followed by US, German, and French citizens. City officials will decide this fall whether to extended the tax next year and double the tax to €10 per visitor.
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