Legislative Updates
KPMG TaxNewsFlash reports of legislative updates in the United States
KPMG reports: Tax subtitle for “One Big Beautiful Bill”
Read KPMG analysis and observations
News
KPMG article: Partnership tax-related bills introduced by Wyden
KPMG article examines the provisions of two bills introduced by Senate Finance Committee Ranking Member
July 23, 2025
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House passes “One Big Beautiful Bill” legislation
The bill will now be transmitted to President Trump for his expected signature.
July 3, 2025
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Senate passes “One Big Beautiful Bill” legislation; House to take up legislation this week
The bill must now pass the House before it can go to President Trump for signature.
July 1, 2025
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Latest tax developments from the United States and from KPMG member firms around the globe
News
Senate votes to begin floor debate on budget reconciliation bill
The Senate vote was 51-49 on the motion to proceed.
June 29, 2025
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Senate Budget Committee Chairman releases updated legislative text for budget reconciliation bill
This legislation could change yet again as the Senate considers the bill.
June 28, 2025
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Senate confirms Kies to be Treasury Assistant Secretary (Tax Policy)
Confirmed by a vote of 53-45
June 27, 2025
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Treasury announces agreement with G7 countries to exclude U.S. companies from Pillar Two taxes in exchange for removing proposed new section 899 from OBBB
Treasury’s announcement only addresses Pillar Two taxes.
June 26, 2025
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Overview of Senate tax measures for budget reconciliation
Updated KPMG reports on bill available soon
June 18, 2025
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Finance Committee releases tax title for Senate version of budget reconciliation bill
Senate bill makes several modifications to the House bill
June 16, 2025
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Senate confirms Long to be IRS Commissioner
Confirmed by a vote of 53-44
June 12, 2025
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JCT releases “Bluebook” on tax legislation in 118th Congress
Bluebook provides explanations and estimated budget effects of tax legislation.
June 4, 2025
Highlighted Report
KPMG report: Tax legislative outlook for the 118th Congress
The players, components, and motives that will drive tax legislative agenda in the current Congress | February 7, 2023
News
President Trump signs into law joint resolution overturning digital asset information reporting regulations
H.J.Res.25—a joint resolution of disapproval to overturn final regulations
April 11, 2025
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Congress passes 2025 budget resolution allowing up to $4.5 trillion in net tax cuts
House and Senate will now begin work on a reconciliation bill
April 10, 2025
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Senate Budget Committee releases 2025 budget resolution
Senate amendment adopts “current tax policy baseline” to allow making TCJA tax provisions permanent
April 2, 2025
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House passes two disaster-related tax bills and four bills aimed at improving tax administration
Disaster-related tax relief for taxpayers; improving tax administration
April 1, 2025
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House Ways and Means approves joint resolution to overturn digital asset information reporting regulations and two disaster-related tax bills; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions.
February 26, 2025
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House passes 2025 budget resolution
House and Senate must reach agreement on budget resolution before budget reconciliation process may continue.
February 26, 2025
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House CRA targets include digital asset information reporting regulations
Potential targets for overturning under the Congressional Review Act
February 20, 2025
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House Budget Committee approves 2025 budget resolution
The resolution will next be considered by the full House.
February 14, 2025
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House Budget Committee releases 2025 budget resolution and schedules markup
The budget resolution must be approved by the House Budget Committee before it may be considered by the full House.
February 12, 2025
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House Ways and Means approves four bills aimed at improving tax administration; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions of the bills and the amendments in the nature of a substitute.
February 12, 2025
Tax Services
News
Senate confirms final Biden nominee to be U.S. Tax Court judge
The Senate confirmed Cathy Fung to be a U.S. Tax Court judge.
November 14, 2024
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KPMG report: Election results, preliminary observations regarding effect on future tax agenda
Preliminary observations regarding effect of yesterday’s election results on future tax agenda
November 6, 2024
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Senate confirms two U.S. Tax Court judges, one nominee remains
The Senate confirmed Jeffrey S. Arbeit and Benjamin A. Guider III to be U.S. Tax Court judges.
September 27, 2024
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Senate confirms U.S. Tax Court judge, three nominees remain
Rose Jenkins confirmed by a vote of 69-17
September 24, 2024
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U.S. House passes bill increasing penalties for illegal tax disclosures
H.R. 8292, the “Taxpayer Data Protection Act”
September 18, 2024
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U.S. House Republican leadership, Ways and Means members express opposition to Pillar Two deal in letter to OECD
Sent a letter to the OECD Secretary-General expressing their opposition
September 18, 2024
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Senate Finance hearing on 2025 tax policy debate; JCT description of present law on income taxation of high income and high wealth taxpayers
Hearing titled “The 2025 Tax Policy Debate and Tax Avoidance Strategies”
September 12, 2024
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House passes bill to exclude electric vehicles with batteries from prohibited foreign entities from clean vehicle credit
The U.S. House of Representatives passed H.R. 7980 by a vote of 217-192.
September 12, 2024
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House Ways and Means approves five assorted tax-related bills; JCT descriptions
In advance of the markup, the staff of the JCT released descriptions of the bills and the amendments in the nature of a substitute.
September 11, 2024
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Vice President Harris releases greater detail on tax proposals
Vice President and Democratic presidential nominee Kamala Harris this week provided greater details on the tax proposals she previously released.
September 10, 2024
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Senate Finance hearing on tax incentives for economic development and financing; JCT description of present law
The Senate Finance Committee held a hearing titled “Tax Tools for Local Economic Development.”
July 30, 2024
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Senate Majority Leader Schumer files motion to proceed on tax extenders bill
H.R. 7024, the “Tax Relief for American Families and Workers Act”
July 29, 2024
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KPMG report: Expiring provisions in the 2025 “Tax Cliff”
Outline of many tax provisions set to expire
July 29, 2024
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House Ways and Means marks up resolution to disallow clean vehicle tax credits regulations, bills related to education
Resolution of disapproval of the regulations pertaining to clean vehicle credits under sections 25E and 30D
July 9, 2024
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