Treasury, IRS Release Final Rules on the Tribal General Welfare Exclusion Act and Entities Wholly Owned by Indian Tribal Governments

WASHINGTON – Today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced at the meeting of the Treasury Tribal Advisory Committee (TTAC) two final pro-growth and deregulatory tax regulations that support the prosperity of Tribal businesses and families and recognize the sovereignty of Tribal governments. The first rule implements the Tribal General Welfare Exclusion Act of 2014, which confirms that Tribes may provide assistance to their Tribal members and families that is excluded from federal income tax. Whether a Tribe chooses to establish a mortgage assistance program or individual grants to start a small business, the final regulation recognizes Tribes’ sovereign authority to self-determine the needs of their community and provides significant administrative flexibilities. “This rule demonstrates President Trump’s pro-growth agenda in action.