Tomorrow on the Hill: The Senate Budget Committee will hear testimony from Office of Management and Budget Director Shalanda Young on President Biden’s budget proposal for fiscal year 2024. Also, the Senate Appropriations Subcommittee on the Legislative Branch will hold a hearing on fiscal year 2024 budget requests from the Congressional Budget Office and Government Accountability Office.
How might the IRS transform how it serves taxpayers? Former IRS Commissioners Fred Goldberg, Charles Rossotti, and John Koskinen, writing for Tax Notes (paywall), offer strategies for how the IRS might use its new infusion of $80 billion in funding. They outline five current technology-driven IRS initiatives that can continue to improve both taxpayer service and compliance.
Minnesota is likely to cut taxes, but how? The state’s House Tax Committee chair has signaled reluctance to cut taxes, instead wanting to use the state’s $17.5 billion projected budget surplus for education and infrastructure investments. But Senate Majority Leader Kari Dziedzic said, “There will be tax cuts.” As MPR News reports, “The debate comes down to who will get the tax breaks and how much.”.
Is an EV tax credit deal with Europe on the horizon? European Union Commissioner Ursula von Der Leyen met with President Biden last week and confirmed negotiations that would allow EU companies to meet critical mineral requirements for the section 30D tax subsidy for electric vehicles. A task force between the US and EU will coordinate efforts on the potential agreement.
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