Federal Tax Alert - February 2015

February 2015

President Obama released his $3.99 trillion fiscal year (FY 2016) federal budget proposals on February 2, 2015, calling for expansion of tax incentives for families, consolidation of education tax breaks, creation of new retirement savings opportunities, and tax increases for higher-income taxpayers. The President signaled his support for a reduction in the corporate tax rate but only if businesses agree to base broadening measures. The President also proposed a new tax regime on foreign earnings, a permanent research tax credit, repeal of the last-in, first-out method of accounting, permanently enhanced Code Sec. 179 expensing, and much more.