10 May 2018 OIRA spring agenda sets targets for release of TCJA regulations Released May 9, 2018, the OMB Office of Information and Regulatory Affairs (OIRA) Spring Agenda reflects plans for the release of IRS regulations implementing a variety of aspects of the Tax Cuts and Jobs Act (TCJA), with some international projects slated to be released as proposed regulations as soon as August. Our understanding is while the Spring Agenda for Treasury/IRS rulemaking accurately describes the scope of the individual projects and the order in which they may be released, the target dates included in the OIRA rule list may be off by several months. — Proposed rules regarding the inclusion of global intangible low-taxed income (GILTI) by United States shareholders under section 951A planned for September — Proposed rules concerning the base-erosion and anti-abuse tax (BEAT) under section 59A planned for October — Proposed rules addressing dividend received deduction issues under section 245A and branch loss recapture issues under section 91 planned for April 2019 "This spring's agenda improves the transparency of the regulatory process, providing notice of regulatory actions as they are being developed, so the public can meaningfully comment on regulatory policy," OIRA Administrator Neomi Rao said in conjunction with the release of the agenda yesterday. "As promised, the Administration continues to advance responsible and meaningful regulatory reform that frees Americans from the drag of failed government regulation." Also on May 9, 2018, Treasury and IRS released the third quarter update to the 2017–2018 Priority Guidance Plan (attached), which sets forth guidance priorities they aim to complete by June 30, 2018. The third quarter update reflects 13 additional projects as well as guidance published or released during the period from October 13, 2017 through March 31, 2018. The OIRA agency rule list reflecting planned Treasury guidance projects is available here.
Document ID: 2018-0982 | |||||
