The TFG Blog

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.

By Aindriu Colgan  / April 13, 2018 / 0 Comments
On Wednesday, the House Ways and Means Committee marked up and unanimously reported 12 bills to reform the IRS. The bipartisan packaged was sponsored by Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and Ranking Member John Lewis (D-GA) and is designed to modernize the IRS and improve customer service. The package requires the IRS to send Congress by September 30, 2020 a comprehensive written plan for reorganizing the agency, including priorities laid out by lawmakers.
The IRS ruled that taxpayers who prepaid their 2018 property taxes may still be able to deduct the entire amount from their 2017 federal taxes without regard to the $10,000 limit imposed by the Tax Cut and Jobs Act.
By Aindriu Colgan  / April 4, 2018 / 0 Comments
As you know, both corporate and individual tax rates were reduced in last year’s Tax Cuts and Jobs Act. Lower tax rates make tax-exempt vehicles like municipal bonds less attractive to both corporate and individual investors; with lower tax rates, they have less incentive to look for tax-exempt investments. Reduced demand for municipal bonds and other tax-exempt investment vehicles like private activity bonds (PABs) means that cities will have to increase the interest rates on new bond issues in order to attract investors.
By Aindriu Colgan  / March 23, 2018 / 0 Comments
With the omnibus having been passed by Congress, substantive legislative work will wind down until after the elections in November. There are, however, a few outstanding tax/financial issues to note.
By Aindriu Colgan  / March 22, 2018 / 0 Comments
Despite a strong last minute effort, Rep. Kristi Noem (R-SD) did not succeed in getting her Remote Transactions Parity Act (RTP) into the omnibus package passed today by the House and expected to be passed by the Senate by Friday.
Yesterday, the House Ways and Means Subcommittee on Tax Policy held a seven-hour, 4 panel hearing on the fate of tax extenders—temporary tax extenders like those for biofuels or short-line railroads. While they were just extended retroactively for 2017, they have again expired and currently are not available for 2018.
By Heidi Schott  / March 9, 2018 / 0 Comments
Today, the U.S. Department of Transportation (DOT) announced 41 recipients of nearly $500 million in discretionary grant funding through the Transportation Investment Generating Economic Recovery (TIGER) program. Learn more about the selected projects here.
By Aindriu Colgan  / February 5, 2018 / 0 Comments

As part of their ongoing implementation of the partnership audit system created by 2015's Balanced Budget Act, the IRS has again released guidance on how partnerships can pay adjustments after an audit.

The application period for the 2017 Fire Prevention & Safety (FP&S) Grants will open on February 12, 2018 and will close March 16, 2018. Now is the time to begin preparing your application!
By Aindriu Colgan  / January 23, 2018 / 0 Comments
As part of Monday’s deal to end the government shutdown, Congress delayed the Cadillac Tax by another two years.
By Aindriu Colgan  / December 20, 2017 / 0 Comments
Congress has officially passed H.R. 1, the Tax Cut and Jobs Act. After making a few last minute changes to accommodate Senate rules and procedures, Senate Republicans passed the bill Tuesday night along party lines, 51-48. Today, the House passed the bill with those changes by a vote of 224-201.
By Heidi Schott / July 20, 2017 / 0 Comments

Today, the U.S. Environmental Protection Agency officially announced the projects selected to apply for Water Infrastructure Finance and Innovation Act (WIFIA) loans. WIFIA provides low-cost supplemental loans for regionally and nationally significant projects investing in water infrastructure including wastewater, drinking water, stormwater, and water recycling.

In accordance with Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” the Army Corps of Engineers Regulatory Reform Task Force is seeking input on its existing regulations that may be appropriate for repeal, replacement, or modification. The notice, which was published in the Federal Register on July 20, lists regulations subject to the review; however, the agency will also accept comments on regulations that are not listed in the notice. For a list of regulations identified by the Corps, refer to the list at the bottom on the Federal Register notice (Docket Number COE-2017-0004).


Since our last post on March 1, President Trump has issued 15 more Executive Orders and Presidential Memoranda. Click the link below for summaries of each action.
Since our last post on February 14, President Trump has issued three more Executive Orders. The pace is slowing, so we are posting less often, but we will continue to keep you updated. Click the link below for summaries of each action.
On February 14, the House Oversight and Government Reform Committee marked up a number of regulatory reform bills, including the "Searching for and Cutting Regulations that are Unnecessarily Burdensome (“SCRUB”) Act of 2017," the "Regulatory Integrity Act of 2017," and the "OIRA (“Office of Information and Regulatory Affairs”) Insight, Reform and Accountability Act." Meanwhile, more regulatory reform bills continue to be introduced in the House.  Read more by clicking on the link below.
Since our last post on February 6, President Trump has issued four more Executive Orders and Presidential Memoranda. Click the link below for summaries of each action.
Since our last post on January 25, President Trump has issued eight more Executive Orders and Presidential Memoranda. Click the link below for summaries of each action.

On January 30, President Trump signed a “Presidential Executive Order on Reducing Regulation and Controlling Regulatory Costs,” which is intended to zero-out regulatory costs by eliminating two regulations for every one implemented. The order goes into effect immediately and requires the cost of all regulations in fiscal year 2017, which ends September 30, to equal zero.

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