September 21, 2018

Smooth sailing so far at OMB

From: Politico | Morning Tax

ALL QUIET ON THE OMB FRONT: It’s been a little more than five months since the Treasury Department and OMB reached an agreement allowing the OMB to review proposed tax regulations. So how’s it going? Thus far, it doesn’t seem to be slowing the pace of regulations governing the Tax Cuts and Jobs Act, H.R. 1 (115), which was one of the concerns tax practitioners had when the agreement was announced last April.

September 20, 2018

ONC Sends Information Blocking Proposed Rule to OMB

From: The National Law Review

Article By James A. Cannatti III | McDermott Will & Emery

The Office of the National Coordinator for Health Information Technology (ONC) is one step closer to issuing its long-awaited proposed rule to implement various provisions of the 21st Century Cures Act, including proposed regulations distinguishing between prohibited health information blocking among health care providers and health information technology vendors and other permissible restrictions on access to health information. According to its website, the Office of Management and Budget (OMB) received ONC’s proposed rule for review on September 17, 2018. OMB review is one of the final steps in the process before a proposed rule is published in the Federal Register for public comments….

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September 14, 2018

‘Opportunity Zone’ Tax Regs Move Ahead, Get Budget Office Review

From: Bloomberg

By Siri Bulusu

Investment fund managers are a step closer to getting clarity on how to use a tax incentive to invest capital gains in low-income area development.

The Office of Management and Budget’s Office of Information and Regulatory Affairs is reviewing proposed rules for the “opportunity zones” tax incentive—the last major hurdle before proposed guidance is released by Treasury and the IRS.

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September 5, 2018

USDA Sends Final GMO Disclosure Rule to White House For Review

From: The Progressive Farmer

USDA’s Agricultural Marketing Service (AMS) has sent a final GMO disclosure rule to the White House Office of Management and Budget (OMB), a move that suggests the much-anticipated regulation may be finalized this year.

AMS sent the final rule to OMB’s Office of Information and Regulatory Affairs (OIRA) on Aug. 31, and the White House budget staff’s approval should be the final step before the National Bioengineered Food Disclosure Standard is published in the Federal Register.

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August 30, 2018

Proposed [Global Intangible Low-Taxed Income] GILTI regulations pending OIRA review; IRS draft forms for GILTI reporting

Editor’s Note: See Jim Tozzi on OMB Review of IRS Regulations.

From: KPMG

The new tax law in the United States generally retained the existing subpart F regime that applies to passive income and related-party sales, but a new, broad class of income—“global intangible low-taxed income” (GILTI)—was created. GILTI is also deemed repatriated in the year earned and, thus, is also subject to immediate taxation. GILTI income is effectively taxed at a reduced rate while subpart F income is taxed at the full U.S. rate. In general, GILTI is the excess of all of the U.S. corporation’s net income over a deemed return on the CFC’s tangible assets (10% of depreciated tax basis).

August 29, 2018

Trump plan seeks new emissions technologies to boost coal

Editor’s Note: See also A Regulatory Antidote for CCS (Carbon Capture and Storage) and CRE’s archived Interactive Public DocketDoes CCS Meet BACT Requirements under the DQA?

From: The Hill | Opinion

BY BONNER R. COHEN

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Now Trump is skinning Obama’s cat. Last year, he issued an executive order rescinding the CPP and putting forward his own plan. The EPA estimates the Trump initiative will cover more than 300 coal-fired power plants nationwide, with the goal of providing electric utilities with incentives to keep coal plants operating rather than replacing them with facilities powered by natural gas or renewable energy.

August 15, 2018

Drug Pricing Policy: HHS Introduces Step Therapy In Medicare Advantage

From: Health Affairs Blog

Rachel Sachs

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Finally, CMS’ boldest action to date might come in a proposed rule currently under review at the Office of Information and Regulatory Affairs. The rule proposes to eliminate the current safe harbor protection for pharmaceutical rebates under the anti-kickback statute and to create a new safe harbor. Without more information, it is not known how important this proposal will be, and many procedural steps (and therefore many months) remain before such a rule could be finalized. (Incidentally, MA plans often rely on pharmacy benefit managers (PBMs) to help control their Part B spending, so although the administration may seek to limit the power of PBMs with this proposed rule, the step therapy announcement doubles down on their importance.)

August 14, 2018

White House Finishes Review Of Medicare Deregulatory Rule On Provider Requirements

From: Inside Health Policy

After more than six months, the White House Office of Management and Budget has finished reviewing a proposed rule to ease Medicare-participation requirements for providers. The OMB review started in February, and ended Aug. 10, according to the office’s website. The proposed rule, “Regulatory Provisions to Promote Program Efficiency, Transparency and Burden Reduction,” is expected to be a wide-ranging rule that CMS says would “reform Medicare regulations that are unnecessary, obsolete, or excessively burdensome on healthcare providers and suppliers.” . . .

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August 13, 2018

Top Republicans concerned over impact of potential Trump drug rule

From: The Hill

BY NATHANIEL WEIXEL

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In a letter to Office of Management and Budget (OMB) Director Mick Mulvaney, House Energy and Commerce Committee Chairman Greg Walden (R-Ore.) and Senate Finance Committee Chairman Orrin Hatch (R-Utah) said they want a full analysis of a pending proposed rule regarding prescription drug rebates.

“The publicly available title of the rule indicates that the action contemplated could be significant in scope, with the potential to dramatically change the process by which prescription drugs are purchased within the supply chain,” Walden and Hatch wrote.

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August 10, 2018

NIST pushes on next version of Risk Management Framework

Editor’s Note: Cross-posted from FISMA Focus/Federal Cyber Security.

From: FCW

By Mark Rockwell

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The work to get the RMF completed includes discussions with the White House’s Office of Information and Regulatory Affairs on the privacy additions, Ross said in remarks after a panel at FCW’s Aug. 9 Cybersecurity Summit.

Those discussions with OIRA, he said, are important because the latest version of the RMF will cover a number of critical areas, including supply chain and systems engineering but also privacy.

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