“We’re Not in Kansas Anymore, Toto.” Prospects for 2025 Tax Legislation

With Republican control of the White House, the Senate, and the House of Representatives, President-elect Donald J. Trump is expected to support a wide range of policies including raising tariffs and lowering taxes. Possibilities include $2 trillion in tax cuts in addition to $4 trillion in cuts derived from Tax Cuts and Jobs Act (TCJA) extensions, maybe cutting corporate taxes even further than the present 21% top rate. Read this white paper by Greenberg Traurig attorneys providing a transition overview and policy priorities

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  • Business Entities. IRS and Treasury issue final regulations relating to recourse liabilities of a partnership and special rules for related persons, affecting partners and partnerships. Recourse Partnership Liabilities and Related Party Rules, T.D. 10014, 89 Fed. Reg. 95108 (Dec. 2, 2024).
  • Business Entities. IRS and Treasury issued final regulations to implement the advanced manufacturing investment credit established by the CHIPS Act of 2022 to incentivize the manufacture of semiconductors and semiconductor manufacturing equipment within the United States. 89 Fed. Reg. 84732 (Oct. 23, 2024), 89 Fed. Reg. 92793 (Nov. 25, 2024) (corrected).
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