11 September 2023 Congress returns to deadlines 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.
Document ID: 2023-1506 | |||||