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Treasury Proposal: Repeal Nearly 300 Tax Regulations
The US Treasury Department recently proposed the elimination of 298 tax regulations. These rules became obsolete with the enactment of new tax laws over the years. Some of the regulations date back to 1942.
Additionally, Treasury is proposing to amend 79 existing regulations to reflect the removal of the 298.
Treasury Secretary Steven T. Mnuchin stated, “We continue our work to ensure that our tax regulatory system promotes economic growth. These 298 regulations serve no useful purpose to taxpayers and we have proposed eliminating them. I look forward to continuing to build on our efforts to make the regulatory system more efficient and effective.”
The proposal is in response to President Trump’s April 2017 executive order to Treasury, charging them to review tax regulations to ensure that the tax system is “simple, fair, efficient, and pro-growth.”
Treasury summarized the proposed deletions into three categories:
- Regulations interpreting provisions of the code that have been repealed;
- Regulations interpreting provisions that have been significantly revised and the existing regulations do not account for these revisions; and
- Regulations that are no longer applicable.
Comments regarding the proposal must be received by May 14, 2018.