March 2019 / United States

The US Treasury Department and the US Internal Revenue Service (IRS) have issued a document (2019-03942) to correct the proposed regulations (REG-105600-18) on the determination of the foreign tax credit (FTC) under sections 861, 904 and 965 of the US Internal Revenue Code (IRC). The correcting document was published in the Federal Register on 6 March 2019.

On 11 March 2019, President Trump submitted the Budget of the US Government for Fiscal Year 2020to the US Congress. The 2020 Budget is entitled "A Budget for a Better America – Promises Kept. Taxpayers First". The White House also issued related Fact Sheets and Supplementals, Amendments, and Releases. The US Treasury Department released "Secretary Mnuchin Statement on President Trump's FY2020 Budget Proposal". The 2020 Budget proposes tax credits for individual and corporate donations to State-authorized non-profit education scholarship-granting organizations (SGOs). SGOs would use donated funds to provide families with scholarships or additional educational resources that can be used on a range of educational activities such as career and technical dual-enrollment programs, after-school tutoring programs, tuition for private schools, courses not available in their assigned schools, special education services, and additional qualifying public education expenses. The Budget also proposes to allow Medicare beneficiaries to make tax-deductible contributions to health savings accounts (HSAs) associated with high deductible health plans offered by their employers or Medicare Advantage plan.