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Legislative Roundup: Final Spending Bills Cut IRS Funding and Omit Tax Priorities

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A new funding deal signed Feb. 3 locks in significant IRS budget cuts through Sept. 30, 2026, following a brief shutdown, and reshapes both IRS operations and the outlook for tax legislation.

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Tokenization uses blockchain-based digital assets to represent ownership in real-world assets, with new U.S. policy direction in 2025 and 2026 shaping adoption across finance, real estate, art, and luxury goods.

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Texas Proposes Adopting Rolling IRC Conformity for Total Revenue and COGS

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Texas proposed updates to TAC §3.587 would align the margin tax “total revenue” rule with recent law and shift views on fixed-date IRC conformity, favoring federal return line amounts even if 2007 IRC differs.

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Chicago Introduces Social Media Tax, Increases Personal Property Lease Transaction Rate

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Chicago’s 2026 revenue ordinance introduces the nation’s first social media amusement tax on certain data-collecting platforms and increases the personal property lease transaction tax rate, both effective Jan. 1.

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