13 April 2018

White House and Treasury Announce Fundamental Change to Tax Rulemaking

After months of trading punches Director Mick Mulvaney of the White House’s Office of Management and Budget (OMB) and Treasury Secretary Steven Mnuchin released a memorandum of agreement (MOA) that creates a new framework for writing, reviewing, and implementing tax regulations.  In short, the MOA requires OMB’s Office of Information and Regulatory Affairs (OIRA) to review major tax regulations—just as it does major rulemakings from any other executive branch agency.  This is a fundamental change from a 1983 agreement, under which Treasury had hitherto operated, that exempted most tax regulations from review.

 

Under the new MOA, tax rulemaking will be subject to review by OIRA if it would:

1.       Create a serious inconsistency with another agency.

2.       Raise novel legal or policy issues.

3.       Have an annual non-revenue effect of $100 million or more on the economy (measured against a no-action baseline).

 

Additionally, Treasury will notify OIRA of any upcoming planned tax rulemakings in a quarterly report.  OIRA generally has 45 days to complete its review of relevant rulemakings, but in certain instances it can be as short as 10 days, if the OIRA administrator and the Treasury Secretary agree to an expedited timetable.

 

Critics of the new MOA argue that it will slow Treasury’s rulemaking significantly just at the time when taxpayers need guidance as quickly as possible. Delayed rulemaking will present significant challenges for taxpayers who are waiting for guidance to determine their tax liability under the new tax law, many of whose provisions are already in effect.  They argue that it will leave businesses flying blind.  The Administration, however, believe that it will not noticeably delay tax rulemaking and noted that the vast majority of tax regulations will still be promulgated by Treasury without review.  OIRA review would only apply to a small subset of rules, like those for the new passthrough deduction, that may have major impacts on the economy.  OIRA has also begun hiring more tax experts to prepare for its new role.

 

Please contact our team if you would like more information.

 

Blog TopicInfo
Print
«November 2024»
MonTueWedThuFriSatSun
282930

Grant Due: FY 2024 Vehicle Technologies Office Batteries Funding

FY 2024 Vehicle Technologies Office Batteries Funding

WHAT DOES IT FUND? This program advances research, development, demonstration, and deployment (RD&D) in several areas critical to achieving net-zero greenhouse gas (GHG) emissions by 2050, including: development of innovative battery chemistries and component materials, reduction of cascading battery fires, and battery electrode, cell, and pack manufacturing cost reduction. Click here for more information.

WHO'S ELIGIBLE? State and local governments, nonprofits, for-profits, institutions of higher education, and Indian Tribes 

TOTAL FUNDING AMOUNT? $42.9 million

WHEN'S IT DUE? October 30, 2024 (Full Application) 

Read more
311

Grant Due: FY 2024 Healthy Communities Grant Program (Region 1, New England)

FY 2024 Healthy Communities Grant Program (Region 1, New England)

WHAT DOES IT FUND? The purpose of this program is to fund direct work with communities to reduce environmental risks, protect and improve human health and improve quality of life. Click here for more information.

WHO'S ELIGIBLE? State and local governments, nonprofits, federally recognized Indian Tribal governments, K-12 schools or school districts, all which do not need to be within EPA Region 1 but must propose projects within that area

TOTAL FUNDING AMOUNT? $500,000

WHEN'S IT DUE? November 1, 2024

Read more
23
4567

Grant Due: FY 2024 Offshore Wind National and Regional Research and Development

FY 2024 Offshore Wind National and Regional Research and Development

WHAT DOES IT FUND? The purpose of this program is to apply basic research, education/outreach, and feasibility study activities to be funded under this program will support the government-wide approach to the climate crisis by driving the innovation that can lead to the deployment of clean energy technologies. Click here for more information.

WHO'S ELIGIBLE? State and local governments, institutions of higher education, nonprofits, forprofit entities, and federally recognized Indian Tribes 

TOTAL FUNDING AMOUNT? $48.6 million

WHEN'S IT DUE? November 7, 2024 (Full Applications)

Read more
8910
11121314

Grant Due: FY 2025 Service Area Competition (Third Solicitation)

FY 2025 Service Area Competition (Third Solicitation)

WHAT DOES IT FUND? This program ensures continuity of care in the communities and populations currently served by the Health Center Program. Click here for more information.

WHO'S ELIGIBLE? Special district governments, city or township governments, state governments, county governments, Native American tribal governments and organizations, urban Indian organizations, nonprofit organizations, and independent school districts

TOTAL FUNDING AMOUNT? $244.4 million

WHEN'S IT DUE? November 14, 2024 (EHBs)

Read more
151617
18192021

Grant Due: FY 2024 Continuum of Care (CoC) Builds

FY 2024 Continuum of Care (CoC) Builds

WHAT DOES IT FUND? The purpose of this program is to target efforts within Continuum of Care (CoC) geographic areas to address and reduce persons experiencing homelessness by adding new units of permanent supportive housing (PSH) through new construction, acquisition, or rehabilitation through one-time awards under this program. Click here for more information.

WHO'S ELIGIBLE? State governments, county governments, city or township governments, special district governments, federally recognized Native American tribal governments, public housing authorities (PHAs)/Indian housing authorities, Native American tribal organizations (other than federally recognized tribal governments), and nonprofits having a 501(c)(3) status with the IRS, other than institutions of higher education, and faith-based organizations

TOTAL FUNDING AMOUNT? $175 million

WHEN'S IT DUE? November 21, 2024

Read more
222324
2526272829301
2345678

US Congressional Calendar

27 November 2023

TFG Presents 2024 Congressional Calendar

The Ferguson Group (TFG) compiled a 2024 Congressional Calendar with session and recess dates for the U.S. House of Representatives and U.S. Senate 118th congressional session. 

Latest TFG News

Kristen H. Long Promoted to Grants Principal at TFG 24 July 2024

Kristen H. Long Promoted to Grants Principal at TFG

TFG strengthens leadership team amidst explosive growth in grants division.

COLUMBIA, S.C. – The TFG Grants Division is pleased to announce the promotion of Kristen H. Long to Grants Principal. Kristen has been an integral part of the TFG Grants Division since 2022.

Meet a Team Member

Latest Coronavirus Updates