Treasury Secretary Steven Mnuchin. (Photo: Andrew Harrer/Bloomberg)
The U.S. Department of the Treasury did some early spring cleaning, tossing out almost 300 tax regulations that it no longer thought were necessary, according to an announcement Thursday.
Specifically, Treasury gave the green light to repeal 296 tax regulations it deemed regulatory “deadwood” as part of the two executive orders signed by President Donald Trump. These rules “do not have any current or future applicability under the Internal Revenue Code,” according to the IRS.
The subject matter of the various tax regulations includes extensions of the grace period for foreclosure property by a real estate investment trust, investment credit for movie and television films, qualified joint and survivor annuities, and estate tax provisions.
“Unnecessary regulation creates compliance costs and confusion that make it difficult for American businesses, families, and workers to get ahead,” Treasury Secretary Steven Mnuchin said in a statement. “By eliminating nearly 300 regulations that serve no useful purpose to taxpayers, we are building a more efficient tax regulatory system that promotes economic growth.”
The executive orders cited are the Feb. 24, 2017, order Enforcing the Regulatory Reform Agenda and the Presidential Executive Order on Identifying and Reducing Tax Regulatory Burdens, signed April 21, 2017.
The orders pushed for action to immediately “reduce the burden existing tax regulations impose on American taxpayers and thereby to provide tax relief and useful, simplified tax guidance.”
|Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, DC.
|
From: ThinkAdvisor
|Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
