WASHINGTON—Trump administration tax rules for investment in low-income communities, politically active nonprofit groups and multinational corporations could be reversed or changed under a Joe Biden presidency, as Democrats eye the use of executive-branch power in the Treasury Department.
In case you are keeping track:
US Treasury Proposes Regulations Addressing the New Holding Period for Partnership Profits
Seyfarth Synopsis: On July 31, 2020, the US Department of Treasury (“ Treasury ”) published long-awaited proposed Treasury regulations (the “ Proposed Regulations ”) that provide detailed guidance on the new Code Section enacted by P.L. 115-97 (commonly referred to as the “Tax Cuts and Jobs Act”) (the “ TCJA ”).
Section 1061 of the Internal Revenue Code of 1986, as amended (the “ Code ”), increases the holding period required for long-term capital gain upon the sale of an “applicable partnership interest” (an “ API ”) from 1 year to 3 years.
Valley News - Scott says lawmakers have 'come a long ways' on retail pot bill
MONTPELIER — Gov. Phil Scott said Friday that lawmakers have addressed many of his concerns and "come a long ways" in crafting legislation that would create a legal retail market for marijuana in Vermont.
House and Senate negotiators reached a deal on the bill that would tax and regulate marijuana, SB 54, earlier this week. House lawmakers approved the bill Friday, but it still needs to be approved by the Senate before it is sent to Scott's desk.
At his Friday press conference, the governor didn't say whether he would veto the measure, or let it become law. But he noted that lawmakers went further to address the problems he had with the marijuana bill than with the Global Warming Solutions Act — legislation he vetoed earlier this week.
Treasury issues proposed regulations on Sec. 47 rehab credit
While it may seem as though these issues are generally without controversy, it has not been uncommon in recent years for there to be uncertainty regarding the application of revisions to the Code enacted via legislative changes and how they are applied to some of these more nuanced issues. As such, this is welcome guidance, particularly for financial institutions, which historically have been one of the largest investor groups for rehabilitation and other types of investment credits.
Not to change the topic here:
IRS Releases Tax Guidance For Marijuana Industry | Marijuana Moment
Because marijuana remains federally illegal, the industry is largely deprived of tax benefits extended to operators in other markets—but it still has an obligation to pay taxes and properly report transactions, IRS said.
“A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is helping them understand and meet their tax responsibilities while also enforcing the law with integrity and fairness to all,” the new memo states. “Businesses that traffic marijuana in contravention of federal or state law are subject to the limitations” in IRS code.
INSIGHT: DOL Lacks a Convincing Legal Basis for Attempts to Discourage ESG/Sustainable Investing
Citing Taxes, Economy, Trump's Powerful CRE Supporters Pump Millions Into His Campaign
While some commercial real estate leaders have begun to shift toward Joe Biden as the former vice president maintains a lead in election polling, President Donald Trump still has a strong base of support — and millions in campaign cash — from the industry he came up in.
Before the Democratic Party held its primaries, Trump had raised more than twice as much money from the real estate industry as his top challenger, according to the Center for Responsive Politics , a nonpartisan group that tracks campaign spending. But that has since changed, with Biden now outpacing the president in real estate industry funding.
Vermont Bill To Legalize Marijuana Sales One Step Away From Governor's Desk After House Vote
The Vermont House of Representatives on Thursday approved a finalized version of a bill to legalize, tax and regulate marijuana sales in the state.
While both the House and Senate had previously passed the bill, S. 54, a bicameral conference committee had to be convened to resolve differences between their respective versions. And following a series of meetings and compromises, negotiators on the panel reached a deal on Tuesday , sending the final proposal back to the floor of both chambers for final consent.
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