Bloomberg Tax

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✉️ Newsletter: Podcast:

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The European Commission estimates it could raise up to €5 billion ($5.82 billion) each year from a 3% digital services tax levied across the bloc. https://t.co/I6WldlOLWQ

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The California Supreme Court asked measured questions at oral arguments Wednesday in a Marathon Petroleum Corp. subsidiary’s case alleging a city wrongfully established its own tax administrative review requirements on top of the state’s. https://t.co/d2cSMtkh4M

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The IRS has the power to reclassify more than a dozen positions making them easier to fire after President Donald Trump signed a new executive order in his bid to shrink the federal government. https://t.co/JdHtahyIr8

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Treasury Secretary Scott Bessent faced questions from Democrats on a controversial settlement related to a $1.8 billion “anti-weaponization” fund and immunity from audits for President Donald Trump in testimony with Senate lawmakers Wednesday. https://t.co/nwdsyACB59

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A New York state tax credit program that began in 2021 to help Broadway productions during the pandemic is being used by billionaire producers and some of the longest-running shows, a Bloomberg Tax analysis shows. https://t.co/OO4FMryy2s

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States have been competing to attract AI data centers, offering tax breaks to companies like Meta, Amazon, and Google. Now Georgia is at the center of a growing debate over whether those incentives are still worth the cost. https://t.co/p4AiVYLVSh

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Opinion: Notice 2026-17 brings the §987 currency regime back in a somewhat circular path to its 1991 proposed regulations roots, with an election to apply an earnings and capital methodology. https://t.co/BaaGrGMk2G

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Senate GOP Skeptical of Trump Audit Immunity in IRS Settlement https://t.co/vKN9MuH5QF

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The European Commission is close to finalizing streamlined sustainability disclosure standards that will give large companies more certainty over how they will need to report on environmental issues such as greenhouse gas emissions in the EU. https://t.co/NUmYR8lesr

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Immunity from tax scrutiny for President Donald Trump and his family is putting the IRS in an awkward position, former top government officials said. https://t.co/MV41MlSxUa

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Senate GOP Skeptical of Trump Audit Immunity in IRS Settlement https://t.co/JJu6NlF3BE

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Florida lawmakers have approved a stripped-down version of a proposal from Gov. Ron DeSantis (R) to slash property taxes, removing local school districts from the plan. https://t.co/x3Nat0H54s

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The US Supreme Court declined to take the unusual step of hearing a tax dispute among two states—in this case, Florida alleging a California rule deprives it of tax and investment revenue. https://t.co/fil1BCjZpF

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Opinion: After federal solar and wind tax credits expire, state and local incentives will determine winners and losers as renewables race to meet energy demands. https://t.co/Cs8W2F1B7h

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Broadway Shows Backed by Disney, Billionaires Nab NY Tax Credits https://t.co/w34DTjmJyb

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The Treasury Department and the IRS moved to address concerns that sovereign-wealth funds and other foreign-government investors in the US could be penalized by new regulations on when their US investment income is exempt from US taxation. https://t.co/26Jr1t45YA

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US multinationals are facing a dilemma over their transfer pricing and President Donald Trump’s tariffs, and so far, many companies are responding to it by standing pat. https://t.co/LWQB7ZxJTI

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Companies aren’t convinced they’re in the clear after countries vowed to do their best to waive penalties for incorrect or late global minimum tax filings. https://t.co/hFOkEb9r4c

[Bloomberg Tax @tax]

The European Commission estimates it could raise up to €5 billion ($5.82 billion) each year from a 3% digital services tax levied across the bloc. https://t.co/AYuifDlYhM

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A federal judge ordered President Donald Trump to respond to “grievous allegations” that his deal with the government to create a $1.8 billion fund to resolve his lawsuit against the Internal Revenue Service was the result of a “fraud” on the court. https://t.co/3jNwAUO5kn