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October 17, 2018
2018-2060

OIRA Fall Agenda sets targets for release of TCJA regulations

The OMB Office of Information and Regulatory Affairs (OIRA) released their Fall Agenda on October 17, 2018. The agenda reflects plans for the imminent release of regulations implementing a variety of aspects of the Tax Cuts and Jobs Act (TCJA).

The agenda lists dozens of IRS regulatory projects, including:

  • rules on foreign tax credit issues arising under the TCJA planned for October
  • rules concerning the base-erosion and anti-abuse tax (BEAT) under Section 59A planned for October
  • rules regarding the business interest limitation under Section 163(j) planned for November
  • rules regarding the inclusion of global intangible low-taxed income (GILTI) by US shareholders under Section 951A planned for December
  • rules regarding the Section 965 transition tax planned for December

This information is consistent with Treasury Deputy Assistant Secretary for International Tax Affairs Chip Harter's comments October 5 that guidance on the BEAT, foreign tax credits, and the interest deduction under Section 163(j) may be out within six weeks.

As of October 17, proposed regulations on "Capital Gains Invested in Opportunity Zones" remain listed as under review by OMB, and the fall agenda targets their release for November.

There has been greater attention on OMB/OIRA since an April 2018 Memorandum of Agreement granted an OIRA review of tax regulations under certain circumstances. The OMB/OIRA fall agenda provides additional insight as to when highly anticipated TCJA regulations may be released.

The Treasury rule list for fall 2018 is here.

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