After announcements from both sides of the political line regarding an overhaul of corporate tax law, the U.S. Senate’s tax-writing committee chairman Sen. Ron Wyden has announced that the committee will not be focusing on such a changein the near future, according to Reuters. Wyden said that tax law reform would be nearly impossible in such a busy year, which will conclude with congressional elections in November. These elections will determine whether President Obama finishes the last two years of his presidency with an opposition Congress or a friendly one.
Instead, as soon as April, the committee will begin working on restoring a package of tax breaks that expired at the end of last year, according to the news source. There were approximately 50 tax breaks that expired before the start of 2014, including a number in the education, energy and business sectors. These tax breaks are typically extended year after year, with a few cuts. While Wyden wasn’t specific about which cuts might be made, he said that some energy tax extenders should be looked at.
“My hope is that we can get them re-enacted promptly,” Wyden told Bloomberg Television‘s “Political Capital with Al Hunt,” “Then use them as a bridge to more comprehensive reform.”
While Obama supports corporate tax law reform, as do some republicans, Wyden told the news source that it would be a challenge to pass major changes. Eventually, he would like to get reform passed and to see individuals’ tax payments “get closer to parity between income from investment and income from wages.”
According to Reuters, Wyden is a firm opponent of lobbyist intervention in the tax code, saying “the tax code is a rotten carcass that the special interests feast on.”
The Screenshot Problem: Why Nothing Is Really Private Anymore
Screenshots have changed the risks of electronic communications. The screenshot problem is that messages intended for one person or a small group can be copied, forwarded, preserved, and ultimately presented to opposing counsel, regulators, journalists, customers, or a jury. Businesses should recognize that a truly private digital conversation is increasingly unreliable and ensure their policies, […]
BESS Project Agreements: Allocating Risk Among Developers, EPC Contractors, and Equipment Suppliers
Developers, engineering, procurement, and construction (EPC) contractors, and equipment suppliers each play a critical role in completing a BESS project. However, when equipment costs rise, deliveries are delayed, or regulations change, determining who bears the financial consequences can become contentious. Well-drafted project agreements are essential to sound risk allocation. Key Takeaways This article is Part […]
IP Infringement: What Steps Can You Take If You're Affected?
IP infringement occurs when someone uses your intellectual property without your permission or beyond the scope of the permission you granted. Common examples of IP infringement include copying a product’s patented features or using a trademarked logo in a way that is likely to confuse consumers about the source or affiliation of goods or services. […]
Public Allegations, Unfinished Investigation: What New Jersey Businesses Should Do Next
When facing public allegations of wrongdoing, companies should not let the speed of the public conversation dictate the speed of an investigation. An investigation designed to confirm a preferred narrative rather than establish the facts can create serious problems later, particularly if litigation, regulatory scrutiny, or employment claims follow. Key Takeaways When public allegations surface […]
BESS Interconnection: Managing Grid, Cost, and Schedule Risk
For battery energy storage system (BESS) developers, securing equipment and site control is only part of the development equation. A project must also connect to the electric grid, and increasingly, BESS interconnection is one of the biggest sources of schedule, cost, and contractual risk. Key Takeaways This article is Part 3 of our Battery Storage […]
Navigating Director and Officer Liability in Times of Financial Distress
Director and officer liability increases sharply when a company is in financial distress. Decisions that would draw little attention in a healthy business can later be challenged by creditors, shareholders, bankruptcy trustees, and regulators as breaches of fiduciary duty, fraudulent transfers, or oversight failures. Understanding where that exposure comes from, and how to manage it, […]
No Aspect of the advertisement has been approved by the Supreme Court.
Results may vary depending on your particular facts and legal
circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!
