Bloomberg Quotes Prof. Hickman Regarding 168(k) QIP Fix

Prof. Kristin Hickman was quoted in a Bloomberg article, “Could the White House Get Creative, Fix Tax Law’s Retail Glitch?,” regarding the potential for the Treasury Department to fix a supposed legislative drafting error in section 168(k) of the Internal Revenue Code regarding the eligibility of qualified investment property (QIP) for bonus depreciation. Although members of Congress as well as taxpayers have lobbied for Treasury to fix Congress’s omission of QIP from the list of property eligible for a shorter cost recovery period, the article quoted Prof. Hickman as saying, “We don’t pass legislation through letters from members of Congress.” Also, recognizing Prof. Hickman’s service as Special Adviser to the Administrator of the Office of Information and Regulatory Affairs, the article quoted Prof. Hickman as suggesting that “OIRA will not be inclined to let any agency do something that cannot be justified by a legal argument based on the four corners of the statute.”