- The U.S. administration and congressional Republican leaders released a joint statement on tax reform highlighting lower tax rates for families and businesses, and reflecting that a decision has been made to set aside border adjustability in order to advance tax reform.
- The U.S. Tax Court issued a memorandum opinion that concluded, in part, that the IRS cancellation of advance pricing agreements (APAs) was an abuse of discretion.
- A KPMG report of state and local tax developments of technology-related tax issues is provided for the second quarter of 2017, with updates covering topics such as the taxability of software, guidance on digital equivalents, and other items.
- Final regulations were issued, concerning the annual fee imposed on covered entities engaged in the business of manufacturing or importing branded prescription drugs.
- Final regulations were issued, concerning the health insurance premium tax credit available under section 36B.
- The IRS Appeals Office announced a pilot program will begin on 1 August 2017. The pilot program will allow for new web-based virtual conferences by taxpayers and Appeals.
- A public hearing was scheduled in October 2017 about proposed regulations under section 468A relating to decommissioning nuclear power plants.
- Legislation in California law amends the state’s partial sales and use tax exemption for manufacturing and research and development (R&D) equipment. The legislation also extends California’s cap and trade auction program (requiring certain businesses to acquire permits for each ton of greenhouse gases they emit into the environment).
- Legislation in Illinois (in addition to making changes to the rates of state’s corporate income tax and individual income tax) amends the state’s unclaimed property law, effective 1 January 2018.
- The Ohio Board of Tax Appeals concluded that goods picked up in Georgia and later transported to Ohio were Ohio-sitused for purposes of the commercial activity tax (CAT) economic nexus rules.
- A Washington State hearing officer found U.S. population data (instead of internet-user population data) to be a better proxy for sourcing receipts from internet advertising for purposes of the B&O tax.
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- The U.S. Senate agreed, 51-50, to begin debate on the House-passed bill, H.R. 1628, “The American Health Care Act of 2017.”
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- A wholly owned subsidiary of an international technology group, both located in Singapore, agreed to pay approximately $12 million to settle its potential U.S. civil liability for over 100 violations of sanctions prohibiting trade with Iran.
- An updated list of FAQs on trade with Cuba was issued. The FAQs follow up an announcement by the U.S. president on 16 June 2017.
- The U.S. Court of International Trade considered the proper tariff classification of gum base used in manufacturing chewing gum.
- The first meeting of the U.S.-UK Trade and Investment Working Group will focus on providing commercial continuity for businesses as the UK prepares to leave the EU. The meetings will explore ways to strengthen trade and investment ties ahead of “Brexit.”
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