Corporate tax was front and center on the Senate floor February 10, as the chamber took a procedural vote on a Congressional Review Act (CRA) resolution by Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Senator Angus King (I-ME) that would have blocked IRS Notice 2025-28, addressing partnership issues under the Corporate Alternative Minimum Tax (CAMT). The procedural motion related to the CRA resolution was not agreed to, on a 47-51 vote.

In Notice 2025-28, released on July 29, 2025, IRS announced its intent to partially withdraw proposed regulations on the CAMT applicable to corporate investments in partnerships and to propose new CAMT regulations on those investments.

A prior Wyden release said the Notice "makes changes to the rules governing how corporate giants and private equity firms can count income coming from partnerships they own" and "under the new system, a multibillion-dollar corporation or PE firm can now choose one of six different ways to count how much money it made in a partnership." The release said the Joint Committee on Taxation confirmed the cost of the changes will exceed $10 billion.

Separately, the Periodical Press Gallery said, "During Wednesday's session, the Senate is expected to consider Calendar No. 315, H.J. Res. 142, disapproving the action of the District of Columbia Council in approving the D.C. Income and Franchise Tax Conformity and Revision Temporary Amendment Act of 2025."

Trade — The House on February 10 failed to extend a ban on congressional challenges to President Trump's tariffs that expired January 31. The extension of the ban was embedded in a rule (H. Res. 1042) for consideration of unrelated bills on the House floor. The vote was 214-217, with Republicans Don Bacon (R-NE), Thomas Massie (R-KY) and Kevin Kiley (R-CA) voting against the rule. The development could open the door to House votes to roll back tariffs, including a Canada resolution by Rep. Gregory Meeks (D-NY) as soon as today. President Trump would be expected to veto such bills.

The rule would have extended language addressing the counting of calendar days under the National Emergencies Act (NEA) with respect to a tariff-related declared emergency, which is an approach the House previously took last year to provide a prohibition on congressional challenges to President Trump's tariffs. It said, "Each day during the period from February 10, 2026, through July 31, 2026, shall not constitute a calendar day for purposes of" the NEA with respect to joint resolutions terminating some of the President's national emergencies.

Meanwhile, the Senate Finance Committee is holding a hearing Thursday, February 12, at 10 a.m., "The U.S.-Mexico-Canada Agreement: Evaluating North American Competitiveness," as the U.S., Mexico and Canada prepare for the statutory review of the 2020 free trade agreement.

Nonprofit tax — During the February 10 House Ways and Means Committee hearing on "Foreign Influence in American Non-profits: Unmasking Threats from Beijing and Beyond," Chairman Jason Smith (R-MO) implored that "Republicans and Democrats should work together to stop foreign actors from interfering with our politics and public discourse through nonprofits … " While Ranking Member Richard Neal (D-MA) and other Democrats focused on scrutiny of donations related to the President, Neal did acknowledge, "We need a serious and good-faith conversation about corruption and foreign influence that's bending politics to benefit the well-connected and costing taxpayers."

Inspired by some common themes in witness testimony, Rep. Dave Schweikert (R-AZ) suggested there be a bipartisan effort focused on redesigning the Form 990 filed by tax-exempt organizations, nonexempt charitable trusts and certain political organizations, which attracted some Democratic interest. Witnesses suggested changes including redesigning the form in a way that information could be easily used by the IRS for transparency, including questions about fiscal sponsorships and beneficial owners. Additionally, witnesses said the form could include information about who sponsors projects, budgets, the principal officer, dates when sponsorship began, and the presence of any foreign funding.

Administration — A story in the February 10 Washington Post, "Trump wants to run the economy hot, as midterm elections approach," said that ahead of this year's elections, "The administration aims to run the economy hot, counting on a rare trifecta to boost growth in 2026: generous tax refunds and investment incentives, Federal Reserve interest rate cuts and the pruning of regulations that corporate groups call burdensome."

Administration officials have been promoting the successes of the "One Big Beautiful Bill Act" (OBBBA) and deregulation efforts. "Tax cuts, deregulation, energy dominance, and tariff reciprocity" were praised by former Trump administration NEC Director and longtime advisor Larry Kudlow ahead of an interview with President Trump on Fox Business February 10. Asked about plans for another reconciliation bill, the President said Congress had presented disparate bills, "And we put everything together. And this was a four-year package … And so, in theory, we have gotten everything passed that we need. Now we just have to manage it, but we have gotten everything passed that we need for four years. Do we have other things in mind? Yes, we do. We have things in mind. We have perfecting a little bit of what we did, because this is really — this is the biggest bill ever passed in the history of Congress."

Housing — By a vote of 390-9, the House on Monday (February 9) passed the 21st Century Housing Act (HR 6644), a bipartisan package of housing-related measures from the Financial Services Committee that would streamline regulations, modernize federal housing programs and provide new tools and incentives to help communities build more homes and lower development barriers. The lead sponsors of the bill are Financial Services Chairman French Hill (R-AR) and Ranking member Maxine Waters (D-CA).

Given the strong bipartisan House vote for the housing bill — and the likelihood of a similarly bipartisan vote for the Senate Banking Committee's ROAD to Housing Act (S. 2651), which is expected to be considered by the full Senate soon — an agreement on a bicameral housing bill is conceivable but would have to be negotiated. The White House has also expressed interest in signing a housing bill as President Trump focuses on affordability issues this year and is seeking the inclusion of language codifying the President's January 20 executive banning institutional investors from buying single-family homes. Chairman Hill told reporters he plans to negotiate a compromise housing bill with the Senate side and the White House "over the spring."

The House also passed, by a voice vote, the Financial Stability Oversight Council Improvement Act (HR 3682), which would codify new processes that the FSOC would use when it considers designating a nonbank financial company as systemically important.

Bill introductions — On February 9, House Ways and Means members Rudy Yakym (R-IN) and Gwen Moore (D-WI) introduced the Affordable Housing Bond Enhancement Act (H.R. 7414), to expand housing investment with mortgage revenue bonds by updating and expanding the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificates (MCC) programs.