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Neal Plots Democratic Agenda for Ways and Means Committee: If Democrats regain the House Majority in November, House Ways and Means Committee Ranking Member Richard Neal (D-MA) already had pronounced ideas for his agenda if he is chairman of the committee. Ranking Member Neal plans to conduct extensive oversight of the Trump administration’s tax, Internal Revenue Service (IRS) and economic policies, rather than refighting the battle to obtain President Trump’s tax returns. Dive Into the Full Story
Smith Doubles Down on Alleged CCP-Linked Nonprofits: On May 5, House Ways and Means Committee Chairman Jason Smith (R-MO) sent follow-up letters to three tax‑exempt organizations—BreakThrough News, Tricontinental and The People’s Forum—regarding their funding sources. In his letters, Chairman Smith set a May 18 deadline for recipients to provide documents and communications about their fiscal sponsorships and any financial or governance ties to foreign nationals, organizations or governments. Dive Into the Full Story
Smith Wants Bipartisan Crypto Tax Bill: Chairman Jason Smith (R-MO) said he is finalizing draft legislation to address how digital assets like cryptocurrencies are taxed, but he emphasized he will not move the bill forward without bipartisan backing. He said Democratic support is essential despite having advanced partisan tax legislation in the past. Ranking Member Richard Neal (D-MA) indicated he has not been consulted and noted many lawmakers still need to better understand the technical complexities of crypto taxation. Dive Into the Full Story
Trump Expresses Support for Limited Gas Tax Suspension: On Monday, President Trump announced his support for temporarily suspending the federal gas tax. The administration had previously dismissed a gas tax “holiday,” and Congress remains skeptical, given its long‑standing concerns about reducing revenue into the Highway Trust Fund and increasing the deficit. Since President Trump’s announcement, Sen. Josh Hawley (R‑MO) and Rep. Jeff Van Drew (R-NJ) have introduced legislative proposals to suspend the gas tax. Senate Majority Leader John Thune (R-SD) said he is willing to “hear out” colleagues pushing the idea. Dive Into the Full Story
Guidance on Nuclear Production Credit Estimated to Be Released in the Summer: Speaking at an event last week, Don Snyder, deputy assistant secretary for energy in the Office of Tax Policy, said the Treasury Department expects to release guidance on the section 45U nuclear production tax credit this summer. Guidance for the section 45X advanced manufacturing credit and prohibited foreign entity (PFE) restrictions on clean energy tax credits will likely not be ready until late this year. Dive Into the Full Story
Treasury Department Officials Discuss Upcoming Guidance Projects at ABA May Tax Meeting: Last week, the Treasury Department and Internal Revenue Service (IRS) officials said they are drafting regulations and other guidance to implement several provisions of the SECURE 2.0 Act. At the American Bar Association (ABA) conference, Bill Evans and Robert Daily, attorneys in the Office of Tax Policy at the Treasury Department, said upcoming guidance will address employer matching contributions on employees’ qualified student loan payments and rules for rollovers from employer plans to IRAs. Dive Into the Full Story
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