On May 22, 2025, the House passed its FY 2025 budget bill, inclusive of tax provisions covering business, individual, international, and exempt organization tax proposals, as summarized herein.
The House’s Budget Bill would subject certain private universities to a 21% tax on their net investment income, increased from 1.4%.
As many feared, the House budget dials back Inflation Reduction Act energy tax credits but avoids full repeal, likely due to their popularity.
House Republicans did not include any limitations on carried interest in their draft budget bill, and the omission is at odds with the Trump Administration’s proposal to close the carried interest loophole.
Neither the House’s FY 25 budget bill nor the Senate’s GENIUS Bill regulating Stablecoin issuances includes crypto tax provisions.
The Court of Justice of the European Union interprets the Anti-Abuse rules in the EU Parent-Subsidiary Directive.
Proposed regulations governing corporate spin-off and reorganization transactions will be revised to be more taxpayer-friendly, but the proposed regulations will govern ruling requests until then.
YA Global appeals the Tax Court’s decision on multiple grounds.
Denham Capital Management LP has appealed the recent U.S. Tax Court decision that rejected its claim to the limited partner exception under SECA, continuing the legal debate over whether certain limited partners must pay self-employment taxes.