IRS Proposed Rules on Tribal Corporations Expected in October

Long-awaited proposed IRS rules for tribally chartered corporations may come as soon as October.

“It’s a matter of weeks, not months,” Krishna Vallabhaneni, tax legislative counsel at the Treasury Department’s Office of Tax Policy, said Monday during a Treasury Tribal Advisory Committee meeting. Vallabhaneni hinted multiple times that the rules would come out next month.

The proposed rules are expected to give more clarity on the tax status of tribally chartered corporations, which could help tribes generate economic development and government revenue. Tribal leaders told Treasury officials during a June 2023 consultation that the tax status of tribally ...