From category archives: ABC Academy & GA Articles

The Latest on the Trump Administration: Feb. 9–15

For an overview of administration activity to date and insight into potential legislative and regulatory actions, register for the Thursday, Feb. 16 webinar “Learn the Latest on the Trump Administration” presented by ABC’s general counsel Littler Mendelson, P.C.
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IRS Targets Family-owned Businesses With "Stealth Death Tax Increase"

On Aug. 5 the U.S. Department of the Treasury issued proposed regulations targeting the valuation practices of family-owned businesses. The proposed rules would lead to dramatically higher estate and gift taxes by eliminating the use of discounts currently permitted to reflect lack of control and marketability, respectively. The Wall Street Journal has referred to it as a "stealth death tax increase" that "rewrites long-standing interpretations of law." Read the rest of entry »

Prevailing Wage’s Impact on Affordable Housing

The New York Independent Budget Office (IBO) has released a revised report on the impact prevailing wage requirements would have on affordable housing projects built with the 421a property tax break. The 421a tax credit had been the subject of extensive negotiations in the past months. In Jan. 2016, the parties involved announced they could not reach a compromise, killing the tax credit and jeopardizing Mayor de Blasio’s plans for 80,000 affordable housing units for New York City residents. 
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U.S. House of Representatives and Senate Reach Deal on Omnibus, Tax Extenders

The U.S. House of Representatives and U.S. Senate have reached a deal on both the Omnibus spending package and extending certain expired tax provisions commonly referred to as “extenders.” 
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Tax Reform

President Biden’s ABC-opposed partisan budget reconciliation package, formally titled the Build Back Better Act (H.R. 5376), passed the House on Nov. 19, 2021, by a vote of 220-213.

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