Bessent notes Clarity Act passed House over a year ago with bipartisan Senate committee progress since
“More than a year ago, the House passed the Clarity Act. There’s been progress since — thousands of hours of bipartisan negotiations took place at the staff and Member levels. The Senate Committees on Banking and Agriculture advanced their respective titles. And Senate”
Bessent announces final rule permanently removing beneficial ownership reporting requirement for U.S. companies
“Today’s action is a victory for common sense and American small businesses. @POTUS promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national https://t.co/g8RbpKJ1jT”
Bessent says Treasury moving quickly to implement GENIUS Act framework for payment stablecoins
“.@POTUS and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework. @USTreasury welcomes input from stakeholders as we work to provide the regulatory”
Bessent announces Treasury and IRS proposed regulations clarifying refundable tax credits are federal public benefits under PRWORA.
“The Treasury and IRS proposed regulations to strengthen enforcement of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) by clarifying that the refunded portion of certain refundable individual income tax credits are federal public benefits”
Bessent specifies the regulations apply to four tax credits: adoption, child, American opportunity, and earned income.
“The proposed regulations apply PRWORA to four individual income tax credits: the adoption tax credit, the child tax credit, the American opportunity tax credit, and the earned income tax credit.”