Author: Editor

Republican Senator Thom Tillis said he expects the implementation of the Section 899 “revenge tax” in President Donald Trump’s massive tax and spending bill to be delayed as it faces pushback from Wall Street and businesses. The additional tax, as currently written in the bill, would go into effect on Jan. 1 for companies located in some foreign countries, if Congress remains on course to pass the legislation this summer. But Tillis, a moderate who has been heavily involved in negotiations, suggested Tuesday that more time is needed to implement the provision. “At the very least I expect a delay,” Tillis told…

The Senate is considering a plan to save a lucrative tax credit for the production of hydrogen that would be scrapped in the tax-and-spending mega bill passed by the House, key Republicans said. “That’s on the table,” said Senator John Cornyn, a Texas Republican who serves on the Senate’s tax writing committee and has hydrogen projects that would benefit from the incentive in his home state. The incentive was one of several from President Joe Biden’s climate law that would be curbed in the House’s megabill in an effort to help offset the cost of extending President Donald Trump’s tax cuts. However…