The Washington Report
May 30, 2018
President Signs Economic Growth, Regulatory Relief, and Consumer Protection Act Into Law
On March 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). The bill was passed by the House on May 22 and approved by the Senate in March. The legislation puts in place various consumer protections and rolls back a number of banking provisions that were included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) signed into law by President Obama in July 2010.
The full text of S. 2155 is available here.
A Senate fact sheet, with additional information regarding provisions of the law, is available here.
Tax Cuts and Jobs Act Affects Moving, Mileage, and Travel Expenses
On May 25, 2018, the Internal Revenue Service (IRS) issued Notice 2018-42, in which it updated information on the use of the optional 2018 standard mileage rates that were previously issued in Notice 2018-03. The Tax Cuts and Jobs Act suspended the deduction for move-related vehicle expenses for tax years beginning after December 31, 2017, and through January 1, 2026. During the suspension, no deduction is allowed for the use of an automobile as part of a move using the mileage rate listed in IRS Notice 2018-03.
Notice 2018-42 also reflects other tax changes made by the Tax Cuts and Jobs Act that affect the tax treatment of mileage and travel expenses.
The IRS news release is available here.
IRS Notice 2018-42 is available here.
IRS Notice 2018-03, which was modified by Notice 2018-42, is available here.
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