With consideration of a year-end tax bill likely shifting to the first quarter of next year as part of the appropriations process, Tax Take turns its attention to other potential tax policy developments for the remainder of the year.

Recent media reports indicate that the Joint Committee on Taxation's long-awaited "General Explanation of Tax Legislation Enacted in the 117th Congress," commonly referred to as the "Bluebook," will be released shortly. The Bluebook will provide invaluable legislative history to the tax provisions of the Inflation Reduction Act (IRA) and other recently enacted legislation, as well as identify potential technical corrections. The release of this Bluebook is particularly important given the lack of contemporaneous legislative history behind most of the major legislation enacted in the last Congress.

The Bluebook will also influence the regulatory guidance process. Time is running short for Treasury to deliver on regulatory guidance on myriad provisions it has promised by year end - including the IRA green energy credits, the advanced manufacturing investment credit, the stock buyback excise tax, possible modifications to and extensions of relief provided with respect to certain provisions in the final foreign tax credit regulations issued in 2021, guidance on the creditability of various taxes imposed under the Pillar 2 framework, and the corporate alternative minimum tax. Nevertheless, the Bluebook could play a pivotal role in shaping some of the guidance set forth in the various packages, particularly if the timeframe for their issuance is extended.

Thus, while we may not see any new tax legislation by the end of 2023, year-end could bring a Bluebook and regulatory guidance providing insight on recently-enacted legislation. And that's much better than a lump of coal! #TaxTake

Upcoming Speaking Engagements and Events

Loren, Layla Asali, and Lisandra Ortiz will speak at the 2024 D.C. Bar Tax Conference on January 10-11, 2023. The conference takes place in-person with a virtual option.

Jorge will speak at the United Philanthropy Forum 20th Annual Foundations on the Hill conference on February 27, 2023, in Washington, DC. 

Jorge, Marc, Loren, and Lisandra Ortiz will speak at the Federal Bar Association Tax Law Conference on March 3-7, 2023. 

In the News

For the third consecutive year, Marc was named a 2023 Top Lobbyist by The Hill.

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