President's Proposed Fiscal Budget for Fiscal Year 2024

On March 9, 2023, the Biden Administration released The President’s Budget for Fiscal Year 2024. It is currently unlikely that this budget proposal will become legislation, but it is important to recognize the tax revenue raises in this latest budget proposal. Parts of the latest proposed budget come from the drafted Build Back Better Act and early versions of the Inflation Reduction Act.

In the latest episode of the Tax Beat Podcast, Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director, are joined by Ron Wainwright, Tax Credits & Incentives Advisory Partner, and Brian Dill, International Tax Leader. They will dive into the proposed tax changes, the likelihood of it becoming law, and the potential implications for business taxpayers.

Related Guidance:

• R&D Update: What’s Going On With Section 174?
• 2022 Year-End Tax Planning Strategies for Businesses

Chapters

• 4:40 Budget Passing Into Law?
• 7:29 Proposed Tax Rate Increases
• 11:45 Tax Changes for International Activities
• 15:29 Base Erosion and Anti-Abuse Tax (BEAT) Change Proposals
• 18:01 Proposed Real Estate Changes
• 23:48 Proposals from Earlier Legislation
• 28:05 Proposed Changes for Individuals
• 30:42 Update on Section 174