Thinking Through OIRA Review of Tax Regulations

Last week, the U.S. Department of Treasury released a draft of its first major regulation implementing the tax legislation—known as the Tax Cuts and Jobs Act—enacted in December 2017. The proposed rule addresses some aspects of a new “pass-through” deduction, which allows some taxpayers to reduce their taxable income by as much as 20 percent. The proposed pass-through regulation is the first “economically significant” tax regulation to be subject to centralized review by the Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs (OIRA) under a memorandum the Treasury Department and OMB released earlier this year. Before the memorandum, tax regulations were generally exempt from OIRA oversight under a 1983 agreement, as well as through years of practiced mutual disregard: OIRA had no interest in reviewing tax regulations, and tax administrators at the Treasury Department and the Internal Revenue Service…

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