In the Headlines
August 28, 2024
Industry Argues Loper Bright Should Bar Buyback Funding Rule
Tax Notes
Tax attorney Joshua Odintz was quoted in a Tax Notes article about industry arguments against the proposed funding rule for foreign affiliate stock repurchases under the new excise tax. The article highlighted concerns raised during a public hearing, where business groups cited recent U.S. Supreme Court decisions to challenge the rule's legality. Mr. Odintz, representing the Northern Lights Coalition, noted that the rule exceeds statutory authority and is likely to be invalidated under current legal precedents.
"Congress did not provide authority to Treasury to rewrite the statute, to broaden its impact or to include transactions previously deliberately excluded from the new excise tax," he said.
READ: Industry Argues Loper Bright Should Bar Buyback Funding Rule (Subscription required)
Holland & Knight announced the formation of its Chevron Deference Working Team in advance of the U.S. Supreme Court's June 28, 2024, Loper decision, which overturned the Chevron deference doctrine and will lead to a period of regulatory changes and potential legal challenges for some time.
"Congress did not provide authority to Treasury to rewrite the statute, to broaden its impact or to include transactions previously deliberately excluded from the new excise tax," he said.
READ: Industry Argues Loper Bright Should Bar Buyback Funding Rule (Subscription required)
Holland & Knight announced the formation of its Chevron Deference Working Team in advance of the U.S. Supreme Court's June 28, 2024, Loper decision, which overturned the Chevron deference doctrine and will lead to a period of regulatory changes and potential legal challenges for some time.