A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Interim Guidance Simplifying Application of the Corporate Alternative Minimum Tax to Partnerships".
Corporate Tax: Blocking IRS Rules for Partnerships
Legislative Progress
Key Points
- Congress is considering a resolution to cancel a specific rule from the Internal Revenue Service (IRS) regarding how very large companies calculate their taxes.
- The IRS rule was designed to simplify how the Corporate Alternative Minimum Tax applies to businesses organized as partnerships. This tax generally targets companies that make over $1 billion in profit.
- If this resolution passes and is signed into law, the IRS guidance would be completely voided. The agency would be blocked from using these specific simplified rules for corporate tax collections.
- This action matters because it affects how much money the government collects from the nation's largest businesses and how those companies report their earnings.
- The resolution was introduced by Senator Wyden and uses a special process that allows Congress to review and overrule regulations created by federal agencies.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Motion to proceed to consideration of measure rejected in Senate by Yea-Nay Vote. 47 - 51. Record Vote Number: 35. (CR S543)
The Senate is voting on whether to even start debating this bill. This vote can be used to block bills before discussion begins.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 297.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Senate Committee on Finance discharged, by petition, pursuant to 5 U.S.C. 802(c).
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Vote Results
1 voteOn the Motion to Proceed
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Interim Guidance Simplifying Application of the Corporate Alternative Minimum Tax to Partnerships".
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.