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Bins as for 296 US tax regulations

US throws out 296 tax regulations

Department of the Treasury bins rules en masse to make system more efficient.

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News site Treasury & Risk reports that the regulations which have now been definitely ditched include extensions of the grace period for foreclosure property by a real estate investment trust, investment credit for movie and television films, qualified joint and survivor annuities, and estate tax provisions.

”No applicability”

The 296 regulations in question where switched off with two executive orders signed by US president Donald Trump in 2017.

According to the Inland Revenue Service, they now “do not have any current or future applicability under the Internal Revenue Code”.

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Hopes to promote growth

“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,” said US treasury secretary Steven Mnuchin in a statement upon the decision.

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