Washington Wire

COVID Bill Signals Tax Hikes to Come

February 22, 2021|

With impeachment over, congressional Democrats are turning their attention to their $1.9 trillion coronavirus relief bill. House committees spent prior weeks marking up pieces of the bill, which will be consolidated into a single “reconciliation” package by the Budget Committee today and then considered by the full House later this week.

For the Main Street business community, the process here is as important as the policy.  The congressional majority chose to use reconciliation to move their

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Business Community Rallies to Defend NOL Relief

February 5, 2021|

On February 2nd – Groundhog Day, appropriately enough – dozens of Senators and Representatives called on Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer to retroactively repeal the net operating loss (NOL) relief included in last year’s CARES Act.

Their letter claims the NOL relief was a “special-interest” giveaway that was “tucked” into the CARES Act.  Neither of these claims is true, as made clear in the most recent business community letter released today

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Bloomberg Is Wrong About Tax Rates

February 1, 2021|

Where does fairness lie? At a time when Main Street is struggling to stay open while Wall Street flies high, you might be surprised that Bloomberg thinks it’s private companies organized as S corporations and partnerships that have the advantage, at least when it comes to taxes.

The Bloomberg story at issue reviewed the 2017 Tax Cuts and Jobs Act and whether it lived up to the promises made by its sponsors, including the goal

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S-Corp Supports MN SALT Parity

January 26, 2021|

The Tax Committee of the Minnesota Senate held a hearing today to discuss legislation (S.F. 263) to restore the full SALT deduction for pass-through businesses. If adopted, Minnesota would become the eighth state to enact our SALT Parity reform.

New York Joins SALT Parity Effort

January 21, 2021|

The good news on SALT Parity keeps rolling in. Just days after California’s Governor signaled his support, New York Governor Andrew Cuomo followed suit and included our pass-through SALT Parity language in his 2022 fiscal year budget proposal.

Since 2018, deductions on state and local taxes (SALT) paid by pass-through business owners have been capped at $10,000. C corporations, on the other hand, are allowed to fully deduct these same expenses. In those states

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