- capital report january 29 2019
capital report january 29 2019
Bipartisan Legislation Ordering Study on Auto Tariffs
Earlier this month, Sens. Doug Jones, D-Ala., and Lamar
Alexander, R-Tenn., introduced legislation in the new Congress that would
require the International Trade Commission (ITC) to conduct an economic study
on the U.S. automotive industry before any tariffs on autos or auto parts could
Last May, President Trump ordered the U.S. Department of
Commerce to initiative a Section 232 investigation into the threat of imported
automobiles, trucks and parts on U.S. national security. If the Commerce
investigation determines there to be such a threat—a determination expected to
be announced in February—the administration would levy a 25 percent tariff.
This new tariff would be in addition to existing Section 301 tariffs on imports
The legislation, if passed, would essentially delay any new
tariffs on autos and auto parts until the ITC study is completed.
Read the senators' statement: https://www.jones.senate.gov/newsroom/press-releases/senators-jones-and-alexander-re-introduce-bipartisan-legislation-to-delay-auto-tariffs
Guidance on New Business Income Deduction
The U.S. Treasury Department and the Internal Revenue
Service (IRS) issued final regulations on Jan. 18 implementing the new
qualified business income (QBI) deduction, also called the section 199A
The new QBI deduction, created by the 2017 Tax Cuts and Jobs
Act (TCJA), allows many owners of sole proprietorships, partnerships, S
corporations, trusts or estates to deduct up to 20 percent of their qualified
For details on this deduction, including answers to frequently-asked questions,
as well as information on other TCJA provisions, visit IRS.gov/taxreform.
Questions? Contact Paul Fiore.
IRS Tax Reform Resource Center: https://www.irs.gov/tax-reform
Get the Latest
Coverage of the 2020 Elections
Thanks to support from the Auto Care Political Action
we are pleased to bring Capital Report readers the latest Inside Elections with
Nathan Gonzalez, a bi-monthly nonpartisan analysis of U.S. elections.
Read the latest issue: https://www.autocare.org/Government-Affairs/Capital-Report/Election-Updates/inside-elections-11819/