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B-332323 1 (2020-07-08)

handle is hein.gao/gaobaeboo0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332323 July 8, 2020 The Honorable Chuck Grassley Chairman The Honorable Ron Wyden Ranking Member Committee on Finance United States Senate The Honorable Richard Neal Chairman The Honorable Kevin Brady Ranking Member Committee on Ways and Means House of Representatives Subject: Department of the Treasury, Internal Revenue Service: Qualified Business Income Deduction Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled Qualified Business Income Deduction (RIN: 1545-BP12). We received the rule on June 25, 2020. It was published in the Federal Register as final regulations on June 25, 2020. 85 Fed. Reg. 38060. The final rule has an effective date of August 24, 2020. According to IRS, the final rule contains regulations concerning the deduction for qualified business income under section 199A of the Internal Revenue Code. IRS stated the regulations provide guidance on the treatment of previously suspended losses included in qualified business income. IRS further stated the regulations also provide guidance on the determination of the section 199A deduction for taxpayers that hold interests in regulated investment companies, split-interest trusts, and charitable remainder trusts. The Congressional Review Act (CRA) requires a 60-day delay in the effective date from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801 (a)(3)(A). The final rule was published in the Federal Register as final regulations on June 25, 2020. 85 Fed. Reg. 38060. The Senate received the rule on July 1, but the Congressional Record does not indicate when the House of Representatives received it. 166 Cong. Rec. S4215 (daily ed. July 2, 2020). The agency informed us they mailed a copy of the rule to the House of Representatives on June 30. Email from Publications & Regulations Specialist, IRS to Senior Staff Attorney, GAO. The final rule has an effective date of August 24, 2020. Therefore, the final rule does not have the required 60-day delay.

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