In a recent development, the IRS has decided to uphold the required minimum distribution (RMD) rule in their latest final regulations. These regulations have been updated to align with the SECURE Act and SECURE 2.0 Act, confirming the enforcement of the 10-year rule. Plan beneficiaries are now mandated to adhere to both the 10-year rule and the “at least as rapidly” rule. Under this rule, beneficiaries must take RMDs for the first nine years if the RMDs commenced before the plan participant’s passing.
A notable mention goes to the LIFT Act, a proposal introduced by Vice President Kamala Harris back in 2018. The Livable Incomes for Families Today Act aimed to introduce a new refundable tax credit for low- and middle-income households. With President Joe Biden’s recent endorsement of Harris as the Democratic Party’s presidential nominee, could this bill gain renewed attention?
Meanwhile, Nebraska Governor Jim Pillen has put forth an ambitious property tax cut plan. This plan seeks to slash property taxes for Nebraskans by an average of 50%, marking the largest property tax cut in the state’s history. The proposal involves the state taking on a larger share of public K-12 education funding and imposing restrictions on local tax collections.
Over on Capitol Hill, the House Ways & Means Subcommittee is gearing up for a hearing on tax-exempt organizations. The focus will be on monitoring whether these organizations are financing antisemitism within the United States and terrorism internationally.
In Venice, officials are contemplating the extension of the day-tripper tax following its success during the test phase over the summer. Generating €2.4 million ($2.6 million) and paid 485,062 times between April and July, the tax saw mostly Italian citizens contributing (60%), with US, German, and French citizens following suit. A decision on extending the tax next year and potentially doubling it to €10 per visitor is expected in the fall.
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