Budget & Taxes

Disaster Related Extension of Deadlines Act This act requires the Internal Revenue Service (IRS) to treat the postponement of the federal tax return deadline due to a federally declared disaster or certain other events as an extension of such deadline for purposes of calculating the limit on a tax refund. The act also provides that the IRS’s deadline for sending certain notices includes such postponement. Under current law, a tax refund claim must be filed within three years of the date that the federal tax return is filed. (Some exceptions apply.) The tax refund amount generally is limited to federal taxes paid within the three years preceding the tax refund claim plus any extension of the federal tax return deadline (known as the lookback period). Under the law in effect prior to this act, the postponement of the federal tax return deadline is not an extension for purposes of the lookback period. Thus, under prior law, certain tax payments (e.g., amounts withheld from a paycheck for federal taxes) made before the federal tax return is filed may be outside the lookback period and non-refundable. Under the act, a federal tax return deadline postponed due to a federally declared disaster or certain other events must be treated as an extension of such deadline for purposes of the lookback period. Further, under current law, the IRS is required to mail a notice and demand for tax payment within 60 days of an assessment but not before the tax payment due date.  The act provides that the tax payment due date includes the postponement of the tax payment deadline due to a federally declared disaster or certain other events.

Department of Defense Appropriations Act, 2026 This bill provides FY2026 appropriations to the Department of Defense (DOD) for military activities. (The bill excludes military construction, military family housing, civil works projects of the Army Corps of Engineers, and nuclear warheads, which are all included in other appropriations bills.) Within the DOD budget, the bill provides appropriations for Military Personnel; Operation and Maintenance; Procurement; Research, Development, Test and Evaluation; and Revolving and Management Funds. The bill provides appropriations for Other Department of Defense Programs, including the Defense Health Program, Chemical Agents and Munitions Destruction, Drug Interdiction and Counter-Drug Activities, and the Office of the Inspector General. In addition, the bill provides appropriations for Related Agencies, including (1) the Central Intelligence Agency Retirement and Disability System Fund, and (2) the Intelligence Community Management Account. The bill also sets forth requirements and restrictions for using funds provided by this and other appropriations acts.

Rescissions Act of 2025 This act rescinds specified unobligated funds that were provided to the Department of State, the U.S. Agency for International Development (USAID), various independent and related agencies, and the Corporation for Public Broadcasting.  The rescissions were proposed by the President under procedures included in the Congressional Budget and Impoundment Control Act of 1974. Under current law, the President may propose rescissions to Congress using specified procedures, and the rescissions must be enacted into law to take effect.  Specifically, the act rescinds funds that were provided to the State Department or the President for Contributions to International Organizations; Contributions for International Peacekeeping Activities; Global Health Programs (excluding funds for programs addressing HIV/AIDS, tuberculosis, malaria, nutrition, or maternal and child health); Migration and Refugee Assistance; the Complex Crises Fund; the Democracy Fund; the Economic Support Fund (excluding funds for assistance to Jordan, Egypt, or the Countering PRC Influence Fund); Contributions to the Clean Technology Fund; International Organization and Programs; Development Assistance (excluding funds for Feed the Future Innovation Labs, the Countering PRC Influence Fund, or commodity-based food aid); Assistance for Europe, Eurasia, and Central Asia; International Disaster Assistance (excluding funds for commodity-based food aid); and Transition Initiatives. The act also rescinds funds that were provided for  USAID Operating Expenses, the Inter-American Foundation, the U.S. African Development Foundation, the U.S. Institute of Peace, and the Corporation for Public Broadcasting.

This bill extends tax filing deadline relief from 60 to 120 days for taxpayers affected by natural disasters. It allows states (or the District of Columbia) to request IRS postponements for disasters like hurricanes, floods, or droughts, rather than requiring federal disaster declarations. The change applies to all taxpayers in affected areas across all 50 states, territories, and the District of Columbia. The law modifies IRS rules under Section 7508A of the Internal Revenue Code to implement these longer, state-declared disaster extensions.

This concurrent resolution establishes the federal budget framework for fiscal years 2025 through 2034, setting specific targets for revenues, spending, and deficits across the decade. It projects federal revenues to increase from $3.4 trillion in 2025 to $5.4 trillion in 2034, with deficits ranging from $2.08 trillion to $2.12 trillion over the period. The resolution includes specific deficit reduction requirements for 11 congressional committees, such as a $880 billion target for the Energy and Commerce Committee to reduce deficits over the 10-year period. It also contains policy statements supporting economic growth through reduced spending, deregulation, and tax cuts. This resolution serves as the budgetary blueprint that Congress will use to guide spending decisions for the next decade.

This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.