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| | A summary of the top weekly tax developments in the Americas | |
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| | This week's tax news from the Americas - US Supreme Court strikes down IEEPA tariffs
In a 6-3 decision, the US Supreme Court held that the International Emergency Economic Powers Act (IEEPA) does not provide authority to impose tariffs. The decision strikes down tariffs imposed under the IEEPA on goods from Canada, Mexico and China, as well as global 10% and country-specific tariffs. The decision also invalidates the potential for tariffs pursuant to executive orders related to Venezuela, Russia, Iran, Brazil and Cuba. The decision does not strike down the national emergencies declared by the President, who could still invoke IEEPA to impose other measures that "regulate commerce" or otherwise address the national emergency.
- United States| IRS issues additional interim CAMT guidance and modifies previous guidance
In Notice 2026-7, the US Internal Revenue Service outlined additional interim guidance on the corporate alternative minimum tax (CAMT) and modified certain provisions of the previously issued interim CAMT guidance. Notice 2026-7 allows taxpayers to adjust applicable financial statement income (AFSI) for certain domestic research amortization claimed in tax years beginning after 31 December 2024. It also modifies previous CAMT guidance to allow all taxpayers (regardless of industry) to make AFSI adjustments for deductible tax repairs related to IRC Section 168 property and amortization under IRC Section 197 attributable to goodwill and certain other intangibles (regardless of their acquisition date). Additionally, Notice 2026-7 allows AFSI adjustments for qualified production costs under IRC Section 181 and certain materials and supplies that are deducted for regular tax purposes but depreciated for financial reporting purposes.
- Canada | British Columbia budget 2026
On 17 February 2026, British Columbia Finance Minister Brenda Bailey (the Minister) tabled the province's fiscal 2026 budget. The budget contains several tax measures affecting individuals and corporations. The budget contains no new taxes and no corporate income tax increases; however, the rate for the lowest personal income tax bracket is increased, effective 1 January 2026. The Minister anticipates a deficit of CA13.3b for 2026-27 and projects deficits for each of the next two years.
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| | This week's newsletters - The Latest on BEPS and Beyond – 18 February 2026
Our monthly report with brief summaries of the latest activity in the OECD Base Erosion and Profit Shifting (BEPS) project as well as country specific legislative and administrative activity, including global and regional policy trends related to the global focus on BEPS.
- Tradelines - 19 February 2026
Our weekly trade newsletter for global business leaders delivers timely insights into the issues shaping global commerce—from tariff shifts and supply chain disruptions to legislative developments and compliance trends.
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| | Upcoming EY webcasts A calendar of all upcoming EY webcasts is available. | | |
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| | Recent EY podcasts All episodes of the EY Cross-Border Taxation Spotlight and
EY Talks Tax are available through Apple podcasts. | | |
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| | This week's EY Global Tax Alerts Africa Europe Middle East | | |
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| | Additional resources EY Global Tax News Update
EY's Global Tax Alerts and other content can be delivered directly to your inbox. Register for EY's Global Tax News Update. | EY Guides available for download
Browse our in-depth guides covering corporate tax, indirect tax, personal taxes, TP and other tax matters in more than 150 countries. |
Comments. If you have any questions or suggestions about this newsletter, please email Tax News Update Help at: ustaxalertshelp@ey.com. | |
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| | About Americas Tax Roundup Published by NTD's Tax Technical Knowledge Services Group, Washington, D.C.
Jennifer Mannetta, writer and editor Distributed weekly to all Americas Tax personnel. | |
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