JCT Bluebook Summarizes Tax Legislation Passed in 117th Congress
The Joint Committee on Taxation has released its Bluebook summarizing tax legislation passed by the 117th Congress. This Bluebook is typically released at the end of every calendar year and is meant to summarize the tax legislation enacted by the most recent congressional period. The Bluebook, released on December 21, 2023, outlined a wide range of legislation enacted over the past three years, with 170 total tax provisions detailed among the eight acts.
The Bluebook’s contents range from January 2021 to January 2023 and offer details for every provision within a specific law, including a description of the law’s status just before enactment, an explanation of the provision, and its effective date. Although the information will likely not be new to many tax practitioners and taxpayers, the Bluebook is an accessible and helpful guide for those looking to further educate themselves on recent tax law changes.
The 117th Congress maintained a relatively stable stance on international tax law, with limited notable changes or significant updates during its term. However, it will be interesting to see how the 118th Congress handles issues that arise during their term. With expected changes such as higher deduction percentages for Global Intangible Low-Tax Income (GILTI) and Foreign-Derived Intangible Income (FDII) and look-through treatment of payments between certain Controlled Foreign Corporations, there may be significant policy updates in the coming years.
Keeping up with current international tax legislation can be overwhelming, and navigating the complex landscape of international tax law requires expertise and precision. When it comes to optimizing global financial strategy, turning to qualified tax professionals is not just a choice – it’s a strategic investment in your financial success.
Should you or a client have any questions on recent updates on international taxation, please contact our Global Business Services team.
Josh Riker, is a Consultant in the firm’s Global Business Services practice and is responsible for assisting clients and adding depth in all areas of the firm’s international tax consulting services including preparing client calculations, international forms, IC-DISC tax returns, and transfer pricing documentation.