Maureen Leddy

Senator Bernie Sanders (I-VT) has proposed a remittance tax on certain artificial intelligence companies amounting to 50% of the company’s outstanding equity interests. Sanders says these equity interests could be used to establish a sovereign wealth fund, with annual direct payment distributions to Americans. Sanders shared details of the proposal, dubbed the American AI Sovereign Wealth Fund Act, in a June 18 press release. He previewed the effort in Senate floor remarks weeks earlier.

Earlier this month, the U.S. District Court for the District of Columbia vacated Treasury guidance that had limited options for wind and solar developers looking to qualify for federal tax credits before the July deadline. Perkins Coie’s Vivek Chandrasekhar said the ruling provides an alternate pathway to qualify for the credits — for now. However, he anticipates clients will “stay the course” or pursue a dual-path strategy to qualify for the credits.

The Trump administration announced plans to allow child welfare agencies to elect to open a Trump account for children in foster care. The move comes after commenters raised concerns about access to Trump accounts — a new type of tax-favored account established by the One Big Beautiful Bill Act (OBBB). First Lady Melania Trump and Treasury Secretary Scott Bessent unveiled the initiative on June 11.