Harold Hancock

Senior Advisor, Federal Public Affairs

Washington, DC, DC

+1 202 857 2913

BIO

After more than six years as tax counsel to the Ways and Means Committee, Harold now serves as a strategic federal tax advisor to clients in a wide range of industries. He brings a unique, bipartisan perspective to several areas of tax law, including business deductions and credits, tax accounting, tax-exempt organizations, and estate and gift taxes.

During his tenure, Harold served under three Ways and Means Committee chairs, including the current chairman, Rep. Kevin Brady (R-Texas), and Brady’s predecessor, Speaker of the House Paul Ryan. He was responsible for devising key provisions in major legislation, including the Bipartisan Budget Act of 2015 and the Protecting Americans from Tax Hikes (PATH) Act of 2015. Before joining the Ways and Means Committee staff in 2011, Harold was a writer and analyst for CCH, a leading provider of tax and business law resources for accountants, attorneys and compliance professionals. He reviewed and analyzed tax legislation and guidance issued by the Internal Revenue Service and the federal courts for online and print resources.

In addition to providing strategic legal counsel, Harold advises clients on strategy and business planning as a senior advisor to McGuireWoods Consulting, the firm’s public affairs subsidiary.

EXPERIENCE
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.

ADMISSIONS

District of Columbia

Harold Hancock