September 11, 2023 Congress returns to deadlines Divided government tensions come to a head in funding fight September 30 is the deadline for government funding, FAA reauthorization and aviation excise taxes, the farm bill, the Pandemic and All-Hazards Preparedness Act (PAHPA), and a number of health care programs and there has been talk of short-term extensions for each given undecided and controversial issues before a divided government. Extensions could go until the end of the year, when an automatic mechanism that would result in reduced spending levels looms as a backstop for the government funding dispute. A long-term resolution in a year-end bill or other must-pass measure could address overdue tax items like TCJA "pre-cliffs," which have stalled due to a partisan impasse on a Child Tax Credit (CTC) expansion. Conversely, if a major deal on government funding proves elusive, there may not be a vehicle for tax provisions. Attention has also turned to international tax issues. Republicans continue to challenge the US involvement in the OECD-led global tax agreement and the tax-writing committees are developing bipartisan, bicameral US-Taiwan tax legislation, which has also been the subject of a separate bill reported out of the Senate Foreign Relations Committee. There continue to be calls from Congress to pursue a more aggressive trade agenda, beyond the relatively limited IndoPacific Economic Framework. Financial services issues of note include the response to bank failures, cryptocurrency and ESG bills. Additional information is available in the attached WCEY Alert. ———————————————
——————————————— Congress returns to deadlines
| |||||
| |||||
