From: Ethanol Producer Magazine
By Erin Voegele
On Oct. 30, the U.S. EPA delivered its final rule to set 2019 renewable volume obligations (RVOs) under the Renewable Fuel Standard, along with the 2020 RVO for biomass-based diesel, to the White House Office of Management and Budget. OMB review marks a final step before the final rule is published.
The EPA released a prepublication version of the proposed 2019 RFS rule in late June….
From: American Shipper
By Brian Bradley
The Bureau of Industry and Security (BIS) in the coming weeks hopes to release an advance notice of proposed rulemaking (ANPR) to define and add new emerging technologies to be controlled under the Export Administration Regulations (EAR).
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Currently pending publication in the Federal Register at the Office of Management and Budget (OMB), the referenced advance notice of proposed rulemaking will relate only to emerging technology and not foundational technology, Hess said. Rulemaking on foundational technology will come later.
From: Politico | Morning Tax
ALL QUIET ON THE OMB FRONT: It’s been a little more than five months since the Treasury Department and OMB reached an agreement allowing the OMB to review proposed tax regulations. So how’s it going? Thus far, it doesn’t seem to be slowing the pace of regulations governing the Tax Cuts and Jobs Act, H.R. 1 (115), which was one of the concerns tax practitioners had when the agreement was announced last April.
From: The National Law Review
James A. Cannatti III | McDermott Will & Emery
From: Bloomberg
By Siri Bulusu
Investment fund managers are a step closer to getting clarity on how to use a tax incentive to invest capital gains in low-income area development.
The Office of Management and Budget’s Office of Information and Regulatory Affairs is reviewing proposed rules for the “opportunity zones” tax incentive—the last major hurdle before proposed guidance is released by Treasury and the IRS.
From: The Progressive Farmer
USDA’s Agricultural Marketing Service (AMS) has sent a final GMO disclosure rule to the White House Office of Management and Budget (OMB), a move that suggests the much-anticipated regulation may be finalized this year.
AMS sent the final rule to OMB’s Office of Information and Regulatory Affairs (OIRA) on Aug. 31, and the White House budget staff’s approval should be the final step before the National Bioengineered Food Disclosure Standard is published in the Federal Register.
Editor’s Note: See Jim Tozzi on OMB Review of IRS Regulations.
From: KPMG
The new tax law in the United States generally retained the existing subpart F regime that applies to passive income and related-party sales, but a new, broad class of income—“global intangible low-taxed income” (GILTI)—was created. GILTI is also deemed repatriated in the year earned and, thus, is also subject to immediate taxation. GILTI income is effectively taxed at a reduced rate while subpart F income is taxed at the full U.S. rate. In general, GILTI is the excess of all of the U.S. corporation’s net income over a deemed return on the CFC’s tangible assets (10% of depreciated tax basis).
Editor’s Note: See also A Regulatory Antidote for CCS (Carbon Capture and Storage) and CRE’s archived Interactive Public Docket: Does CCS Meet BACT Requirements under the DQA?
From: The Hill | Opinion
BY BONNER R. COHEN
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Now Trump is skinning Obama’s cat. Last year, he issued an executive order rescinding the CPP and putting forward his own plan. The EPA estimates the Trump initiative will cover more than 300 coal-fired power plants nationwide, with the goal of providing electric utilities with incentives to keep coal plants operating rather than replacing them with facilities powered by natural gas or renewable energy.
From: Health Affairs Blog
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Finally, CMS’ boldest action to date might come in a proposed rule currently under review at the Office of Information and Regulatory Affairs. The rule proposes to eliminate the current safe harbor protection for pharmaceutical rebates under the anti-kickback statute and to create a new safe harbor. Without more information, it is not known how important this proposal will be, and many procedural steps (and therefore many months) remain before such a rule could be finalized. (Incidentally, MA plans often rely on pharmacy benefit managers (PBMs) to help control their Part B spending, so although the administration may seek to limit the power of PBMs with this proposed rule, the step therapy announcement doubles down on their importance.)
From: Inside Health Policy
After more than six months, the White House Office of Management and Budget has finished reviewing a proposed rule to ease Medicare-participation requirements for providers. The OMB review started in February, and ended Aug. 10, according to the office’s website. The proposed rule, “Regulatory Provisions to Promote Program Efficiency, Transparency and Burden Reduction,” is expected to be a wide-ranging rule that CMS says would “reform Medicare regulations that are unnecessary, obsolete, or excessively burdensome on healthcare providers and suppliers.” . . .
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