Treasury repeals hundreds of outdated tax rules

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The Treasury Department finalized the repeal Thursday of 296 obsolete or duplicative tax regulations in response to President Trump’s executive orders early in his administration calling on the Treasury and other departments to get rid of unnecessary regulations.

The proposed list last year included regulations governing a wide variety of areas, including the alternative minimum tax, when property is placed in service, the exemption for dividends from shares and stock of federal agencies, the tax exemption for interest on federal obligations, and technical matters related to old tax laws that have been rendered obsolete by the Tax Cuts and Jobs Act of 2017 and earlier legislation going back to 1942. After receiving only five comments on the proposed regulations, the Treasury has now issued final regulations.

“Balanced regulation is important for a healthy economy. Unnecessary regulation creates compliance costs and confusion that make it difficult for American businesses, families, and workers to get ahead,” said Treasury Secretary Steven T. Mnuchin in a statement. “By eliminating nearly 300 regulations that serve no useful purpose to taxpayers, we are building a more efficient tax regulatory system that promotes economic growth.”

To see the final regulations, click here.

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Tax regulations Tax laws Steven Mnuchin Treasury Department IRS