Senate Accepts Levin Tax Haven Measure With Stiff Penalties Against Foreign Banks

The Senate adopted an amendment (S. Amdt. 1818) to the surface transportation bill (S. 1813) by voice vote March 8 that would prohibit foreign financial institutions from having access to the U.S. financial system if they are found to be aiding tax evasion.

Obama Proposes Expanded Tax Credits, $1 Billion Initiative for Efficient Vehicles

WASHINGTON, D.C.—President Obama March 7 proposed several changes and increases in the current tax credit for electric vehicles, such as expanding eligibility to new technologies, in an effort to advance his “all-of-the-above” energy strategy.

In a speech at the Daimler Trucks manufacturing plant in Mount Holly, N.C., the president addressed the high price of gasoline by calling for improved efficiency of cars and trucks.

Grand Jury Charges Three Swiss Bankers with Concealing Assets for U.S. Taxpayers

A federal grand jury in New York Jan. 3 indicted three Swiss men working as client advisers to a Swiss bank for helping U.S. taxpayers hide more than $1.2 billion in assets…

Senate Approves Amendment to Repeal Ethanol Tax Credit

The Senate June 16 easily adopted an amendment (S. Amdt. No. 476) to a reauthorization of the Economic Development Revitalization Act (S. 782) that would repeal the ethanol blender’s tax credit, signaling growing support to eliminate the subsidy as negotiations continue to find an appropriate vehicle to end the credit…

Four Credit Suisse Bankers Indicted for Helping U.S. Taxpayers Hide Assets

NEW YORK—Four managers and bankers at Credit Suisse Group AG have been charged with conspiring with other Swiss bankers to help U.S. customers use secret accounts to evade income tax, the Justice Department and the Internal Revenue Service announced Feb. 23…

President Obama Signs Tax Legislation With Renewable, Energy Efficiency Credits into Law

WASHINGTON, D.C.—President Obama Dec. 17 signed into law an $859 billion tax bill that would extend several clean energy tax credits.
The legislation (H.R. 4853) was approved by the House of Representatives on a vote of 277-148 late Dec. 16…

House Passes Legislation Extending Clean Energy, Ethanol Tax Credits

WASHINGTON, D.C.—The House of Representatives late Dec. 16 voted 277–148 to approve tax legislation that would extend several clean energy tax credits, clearing the bill for President Obama’s signature…

Tax Legislation with Clean Energy Provisions Clears Senate Hurdle; Final Passage Expected

WASHINGTON, D.C.—Tax legislation that would extend several clean energy tax credits, including a blenders credit for ethanol production and a popular renewable energy grant program, cleared a…

BNA INSIGHTS: U.S. and European Laws Set to Clash– Again : New U.S. Tax Law Requires Foreign Banks to Share Unprecedented Details About Customers Overseas

For years, multi-national companies have grappled with the legal concerns Sarbanes-Oxley Act whistleblower hotlines raised across Europe. More recently, the European Parliament has criticized the collection and sharing of passenger name records with the United States. Now, new…

Absent Climate Bill, Congress May Focus on Energy Efficiency to Reduce Emissions

WASHINGTON, D.C.—With no chance of a greenhouse gas emissions cap-and-trade bill becoming law anytime soon, Congress’s next step in addressing climate change may be…

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