While tax counsel to the Ways and Means Committee, Harold:
Developed, analyzed and drafted tax legislation in business deductions and credits, business entities, tax accounting, tax-exempt organizations, estate and gift tax areas of law.
Drafted significant revisions in the Protecting Americans From Tax Hikes (PATH) Act of 2015 to the FIRPTA rules to encourage investments in REITS and equalize the treatment of foreign and domestic pension funds, provisions to limit abusive REIT conversions, expansion of bonus depreciation for taxpayers that choose to claim AMT credits in lieu of bonus depreciation, and a new provision for the charitable donation of food inventory.
Drafted new partnership audit rules in the Bipartisan Budget Act of 2015 which replaced the TEFRA audit regime, and consistent basis reporting requirements for property transferred through an estate.
Drafted an ‘innovation box’ proposal that would provide a 10.15% effective US corporate tax rate on income derived from certain types of intellectual property (IP).
Drafted expiring tax provisions involving business deductions, credits, and entities, as well as charitable giving and exempt organizations, in the Tax Increase Prevention Act of 2014.
Participated in all aspects of drafting and strategy in connection with the H.R. 1, Tax Reform Act of 2014. Notable contributions included revision of the research and development credit and low-income housing tax credit, substantial changes to tax accounting rules, updated partnership rules, new rules for taxation of business income from pass-through entities, new rules for the taxation of unrelated business income of tax-exempt organizations, new rules limiting abusive REIT conversions, and new partnership audit rules to replace the TEFRA audit regime.