Taxes
America has the most innovative, dynamic, and resilient economy in history—our tax system should strengthen our economy, not undermine it. The U.S. Chamber promotes a tax system that allows taxpayers and business owners to make smart decisions about how they work, save, and invest. Low tax rates and a stable tax code allow businesses to grow the economy, create jobs for Americans, and invest for the future while supporting communities and society at large through tax revenues.
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Maintaining and improving pro-growth tax policy next year, when the largest automatic tax increase in history is set to occur, will ensure the U.S. is globally competitive, retaining and attracting businesses, jobs, investment, and innovation here at home.
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The U.S. Chamber works with our partners in government and fights for tax policies that will help American businesses succeed at home, compete abroad, and attract global businesses to our shores.
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On August 3, 2020, the Chamber submitted these comments to the I.R.S. and Treasury on REG-112339-19, guidance on the credit for carbon oxide sequestration under §45Q of the Internal Revenue Code, as published in the Federal Register on June 2, 2020.
On July 20, 2020 the Chamber submitted these comments to the I.R.S. and Treasury on Notice 2020-47, recommendations for items that should be included on the 2020-2021 Priority Guidance Plan, as published in the Internal Revenue Bulletin on June 29, 2020.
On July 9, 2020 the Chamber submitted these comments to the I.R.S. and Treasury on REG-104591-18 guidance on section 162(f) of the Internal Revenue Code (Code), as amended by legislation enacted in 2017, concerning the deduction of certain fines, penalties, and other amounts as well as proposed regulations that provide guidance relating to the information reporting requirements under new section 6050X of the Code with respect to those fines, penalties, and other amounts, as published in the Federal Register on May 23, 2020
On May 21, 2020 the Chamber submitted these comments to the I.R.S. and Treasury on additional modifications to the Employee Retention Tax Credit Frequently Asked Questions, last updated by the I.R.S. on May 8, 2020.
On May 19, 2020, the U.S. Chamber submitted these comments to the I.R.S and Treasury on REG-106013-19, guidance involving hybrid arrangements and the allocation of deductions attributable to certain disqualified payments under Section 951A (Global Intangible Low-Taxed Income), as published in the Federal Register on April 8, 2020.
This Hill letter was sent to Senators Cornyn, Carper, Grassley, Wyden, and Rubio, supporting S. 3612, the "Small Business Expense Protection Act."
This is a tax provision long lauded by both sides of the aisle because of its proven stimulus impacts.
On May 1, 2020 the Chamber delivered this letter to Secretary Mnuchin regarding comments and recommendations for revisions to the Employee Retention Tax Credit FAQs #64 and #65 released by the IRS.
On April 2, 2020 the Chamber delivered this letter to the IRS and the Treasury regarding comments and recommendations to provide guidance to taxpayers in response to COVID-19.
"These comprehensive guides ensure business owners fully understand what aid is available to them and how to access those funds as quickly as possible. We are committed to ensuring no family or business goes bankrupt due to financial hardships associated with the coronavirus.”
