NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Rep. Vasquez Calls for Stronger Consumer Protections and Introduces Bold Tax Relief Package to Counter Tariffs and Inflation Ahead of Tax Day

    Source: US Representative Gabe Vasquez’s (NM-02)

    WASHINGTON, D.C. – As Tax Day approaches, Representative Gabe Vasquez (NM-02) is taking action to protect working families in New Mexico by introducing a bold tax relief package and demanding the Treasury Department deliver timely tax refunds to New Mexicans following significant staffing cuts at the Internal Revenue Service (IRS)

    In a letter to Treasury Secretary Scott Bessent this week, Vasquez criticized the Elon Musk-led Department of Government Efficiency (DOGE) for terminating thousands of IRS employees responsible for processing tax returns, managing payment systems, and supporting taxpayers. Vasquez warned that these cuts are already causing further delays when many New Mexicans rely on their tax refunds to make ends meet.

    “Working families in my district are living paycheck to paycheck. Delaying their tax refunds because a billionaire bureaucrat decided to gut the IRS is unacceptable,” said Vasquez. “This money helps parents pay rent, cover medical bills, buy groceries, and pay down debt.”

    To ensure families receive the relief they need—not just this year, but every year—Vasquez is also introducing a three-part tax relief package:

    • The Boost the Middle Class Act will expand the Earned Income Tax Credit (EITC) by 10 percent and require annual adjustments to keep up with inflation. A working family of five in New Mexico could receive up to $8,613 under the new EITC guidelines.
    • The Tax Relief from Tariffs and High Costs Act provides a 10 percent fully refundable tax credit for individuals making under $100,000 or married couples making under $200,000—putting more money directly into the pockets of working families to stimulate local economies.
    • The Honor and Hire Veterans Act increases the tax credit for businesses that hire veterans—raising the cap and wage credit percentages through the existing Work Opportunity Tax Credit (WOTC).

    Vasquez also reiterated his call for the IRS to halt further cuts and immediately implement a plan to deliver timely, accurate refunds. His office has assisted dozens of constituents with IRS issues this year—including one man who had waited three years for a $10,000 refund.

    Rep. Vasquez encourages constituents to file their taxes promptly and reach out to his office for assistance with any IRS-related issues.

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    MIL OSI USA News –

  • MIL-OSI Security: United States Department of Justice Equitable Sharing Funds

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – United States Attorney W. Stephen Muldrow, Puerto Rico Governor Jenniffer González-Colón, and Puerto Rico Police Bureau Commissioner Jospeh González today announced updated/new information regarding the United States Department of Justice Equitable Sharing Funds for agencies in Puerto Rico.

    Asset forfeiture is the taking of property by the government without compensation because of the property’s connection to criminal activity. It is a legal tool that enables the federal government to recover property that can be used to compensate victims of the crime underlying the forfeiture, among other important law enforcement interests.

    There are two distinct asset forfeiture programs: (a) the Department of Justice’s Asset Forfeiture Program over which the Attorney General exercises statutory authority; and (b) the Department of the Treasury’s Treasury Asset Forfeiture Program managed by the Secretary of the Treasury).

    The Justice Asset Forfeiture Program has four primary goals:

    1. To punish and deter criminal activity by depriving criminals of property used in or acquired through illegal activities.

    2. To promote and enhance cooperation among federal, state, local, tribal, and foreign law enforcement agencies.

    3. To recover assets that may be used to compensate victims when authorized under federal law.

    4. To ensure the Program is administered professionally, lawfully, and in a manner consistent with sound public policy.

    The Justice Asset Forfeiture Fund receives the proceeds of forfeiture made pursuant to laws enforced or administered by members of Justice’s Asset Forfeiture Program. Thirteen agencies, including Justice agencies and components as well as non-Justice agencies, comprise the Asset Forfeiture Program’s membership.  That membership includes Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Drug Enforcement Administration (DEA), U.S. Postal Inspection Service (USPIS), and Federal Bureau of Investigation (FBI).

    The Treasury Asset Forfeiture Program also has four priorities:

    1. To administer and manage the Treasury Forfeiture Fund (TFF) program in a fiscally responsible manner that seeks to minimize administrative costs and maximize the benefits for law enforcement and the compensation of eligible victims; 

    2. To ensure program policies protect due process rights of individuals;

    3. To focus resources on strategic cases and investigations that result in actions against high profile criminals and criminal enterprises to affect the greatest financial damage to criminal organizations; and

    4. To foster a strong working relationship between federal and state or local law enforcement agencies

    The Treasury Forfeiture Fund receives the proceeds of forfeitures made pursuant to laws enforced or administered by Treasury and Department of Homeland Security law enforcement agencies. Members include U.S. Immigration and Customs Enforcement – Homeland Security Investigations (HSI), Internal Revenue Service – Criminal Investigation (IRS-CI), U.S. Secret Service (USSS), U.S. Customs and Border Protection (CBP), and U.S. Coast Guard (USCG)

    Through equitable sharing, any state, local, or tribal law enforcement agency that directly participates in a law enforcement effort that results in a federal forfeiture may request an equitable share of the net proceeds of the forfeiture.  The Equitable Sharing Program is an important aspect of the Justice and Treasury Asset Forfeiture Programs. Federal law authorizes the Attorney General and the Secretary of the Treasury to share federally forfeited assets with participating law enforcement agencies.  The exercise of this authority is discretionary and limited by statute. The Attorney General and the Secretary of the Treasury are not required to share assets in any case. Participation in an investigation with a member of the Justice Asset Forfeiture Program may result in equitable sharing paid from Justice’s Asset Forfeiture Funds (AFF), while participation in an investigation with a Treasury Asset Forfeiture Program member agency may result in equitable sharing paid from Treasury’s Forfeiture Funds (TFF).

    In Puerto Rico, the following agencies are participating in the Equitable Sharing Program: Puerto Rico Police Bureau; Puerto Rico Special Investigations Bureau; Puerto Rico Ports Authority General Security Department; Puerto Rico National Guard Counterdrug Unit; Ponce Municipal Police Department; and the San Juan Police Department. Since the year 2020, these agencies have received Equitable Sharing Funds and are currently pending to receive Equitable Sharing Funds:

    • Puerto Rico Police Bureau $2,604,847.72 (received) and $27,360,386.06 (pending)
    • Puerto Rico Special Investigations Bureau $871,128.38 (received) and $110,791.90 (pending)
    • Puerto Rico Ports Authority General Security Department $587,357.42 (received) and $112,889.15 (pending)
    • Puerto Rico National Guard Counterdrug Unit $481,221.69 (received) and $5655 (pending)
    • Ponce Municipal Police Department $160,047.89 (received) and $9,709.20 (pending)
    • San Juan Police Department $1,439,682.39 (received) and $167,375.29 (pending)

    Equitable Shared Funds must be used to increase or supplement the resources of the receiving state, local, or tribal law enforcement agency. Shared funds shall not be used to replace or supplant the agency’s appropriated resources. The recipient agency must benefit directly from the sharing.

    “Forfeiting the proceeds and instrumentalities of crime puts the money to work for good – helping the victims of crime, funding community programs and providing resources to be used to promote public safety,” said W. Stephen Muldrow, United States Attorney for the District of Puerto Rico. “Equitable sharing redirects illegal proceeds toward the local law enforcement agencies who work with their federal counterparts to dismantle large scale criminal enterprises.  Such sharing can enable state and local agencies to commit the necessary resources to conduct a complex, long-term investigation that in the end enhances public safety.”

    More agencies can participate in the Equitable Sharing Program. To become a Program participant, agencies must submit an Equitable Sharing Agreement and Certification (ESAC) and affidavit to the Money Laundering and Asset Recovery Section (MLARS). Agencies must also be registered in the federal government’s System for Award Management (SAM.gov). Eligible agencies must comply with all rules and obligations, including bookkeeping procedures, internal controls, reporting and audit requirements.

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    MIL Security OSI –

  • MIL-OSI Asia-Pac: Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates 16 toilets and drinking water facilities under supervision of Varanasi Commissionerate of the Lucknow CGST Zone

    Source: Government of India

    Union Minister of State for Finance Shri Pankaj Chaudhary inaugurates 16 toilets and drinking water facilities under supervision of Varanasi Commissionerate of the Lucknow CGST Zone

    Government of India committed to gender-sensitive sanitation, education, and vision of a Viksit Bharat by 2047: MoS Shri Pankaj Chaudhary

    Modern sanitation and safe drinking water would enhance attendance and instil confidence among girl students towards women empowerment: CBIC Member Shri Surjit Bhujbal

    Posted On: 11 APR 2025 8:37PM by PIB Delhi

    Under the Cleanliness Mission of the Government of India, Union Minister of State for Finance Shri Pankaj Chaudhary inaugurated 16 toilets and drinking water facilities — 3 in Government Girls Inter College and 13 across Kasturba Gandhi Vidyalayas — in Maharajganj district, today.

     

     

    The project was executed under the overall supervision of the Varanasi Commissionerate of the Lucknow CGST Zone, with help from the Central Board of Indirect Taxes and Customs (CBIC) and the Central Public Works Department (CPWD). The project began in FY 2022-23 and was completed in March 2025, benefiting over 5,000 girl students from remote rural areas.

    The facilities located at the different remote locations of the district were formally inaugurated and handed over to the beneficiary schools today by Shri Chaudhary, in presence of Shri Surjit Bhujbal, Member, CBIC; Shri P.K. Katiyar, Chief Commissioner Lucknow Zone; and Shri Vinish Chaudhary, CGST Commissioner Varanasi.

     

     

    In his address on this occasion, Shri Chaudhary emphasised the Government of India’s unwavering commitment to gender-sensitive sanitation, education, and the vision of a Viksit Bharat by 2047. Shri Chaudhary underlined the role of Swachchta in building a clean, inclusive, and empowered India.

     

     

    In his address on at the occasion, Shri Bhujbal said that the availability of modern sanitation and safe drinking water would not only enhance attendance and confidence among girl students but would also stand as a meaningful step towards women empowerment.

     

     

    Commending the CPWD for their exceptional coordination and commitment, Shri Bhujbal said CPWD beat the administrative, logistical and geographical challenges to ensure timely project delivery, and shared that the project was efficiently completed within the allocated budget and resulted in a noticeable cost savings.

    The CBIC, in its continued commitment to the Swachh Bharat Mission, has successfully undertaken 3,062 Swachchta projects over the past six years, with a vision to support a defecation-free and cleaner India. In FY 2023-24, CBIC completed 197 projects out of the 40.39 crore allocated budget, utilising Rs. 36.70 crore towards key initiatives such as record digitisation, construction of Divyang-friendly toilets, and creation of workplace facilities like creches.

     

    CBIC also actively contributes to a cleaner and greener society through plantation drives, public art, and park renovations. Under initiatives like Swachchta Hi Sewa and Swachchta Pakhwada, workshops have been conducted, e-office adoption has increased, and efforts towards effective records management and disposal of obsolete stock have been accelerated.

    These initiatives reaffirm CBIC’s commitment to the national vision of Swachh Bharat and sustainable development.

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    NB/KMN

    (Release ID: 2121088) Visitor Counter : 50

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Answer to a written question – Impact studies on measures taken under the Green Deal – E-000625/2025(ASW)

    Source: European Parliament

    Under the Commission’s Better Regulation Guidelines[1], an impact assessment is required for initiatives that are likely to have significant economic, environmental or social impacts or which entail significant spending, and where the Commission has a choice of policy options. Policy communications, action plans or strategies do not usually require impact assessments.

    Most legislative proposals under the European Green Deal[2] were subject to comprehensive impact assessments, and public consultations, in accordance with the Commission’s Better Regulation Guidelines.

    The impact assessments were published together with the proposals they accompany and are available on Commission webpages[3] as well as on the Have Your Say portal[4].

    When, due to political imperatives, the timing did not allow for the preparation of an impact assessment, the reasons and available evidence were set out in the explanatory memoranda of the proposals. This was the case for the emergency energy measures presented against the backdrop of the energy crisis[5].

    • [1] https://commission.europa.eu/law/law-making-process/better-regulation_en
    • [2] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en
    • [3] https://commission.europa.eu/publications/proposals-delivering-european-green-deal_en
    • [4] https://ec.europa.eu/info/law/better-regulation/have-your-say_en
      All impact assessments of policy proposals by the Commission are published together with the results of the associated public consultations and the policy proposals themselves on the Have Your Say portal. The European Green Deal included the review of the Effort Sharing Regulation (impact assessment SWD(2021)611), updating the Emissions Trading System Directive (SWD(2021)601), the revision of the CO2 standards for cars and vans (SWD(2021)613), review of EU rules on Land Use, Land Use Change and Forestry (LULUCF) (SWD(2021)609), the review of the Renewable Energy Directive (SWD(2021)621), review of the Energy Efficiency Directive (SWD(2021)623), the Energy Performance of Buildings Directive (SWD(2021)453), revision of the Energy Taxation Directive (SWD(2021)641) or the Carbon Border Adjustment Mechanism (SWD(2021)643).
    • [5] https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5489
    Last updated: 11 April 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Cortez Masto, Wyden Seek Watchdog Investigation of Potential Trump Administration Violations of Taxpayer Privacy Laws

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – U.S. Senators Catherine Cortez Masto (D-Nev.), Ron Wyden (D-Ore.), Alex Padilla (D-Calif.), and Elizabeth Warren (D-Mass.) wrote a letter to the acting Treasury Inspector General for Tax Administration seeking an investigation into reports that the Trump administration is providing sensitive taxpayer data to the Department of Homeland Security (DHS) and people affiliated with Elon Musk’s Department of Government Efficiency.

    Senator Cortez Masto has repeatedly raised the alarm about the IRS’s cruel and illegal plans to share taxpayer information with DHS.

    “Taxpayer data held by the IRS is, by design, subject to some of the strongest privacy protections under federal law, the violation of which can trigger civil and criminal sanctions, including up to five years in prison,” wrote the senators. “Congress passed these protections in the 1970s after President Nixon weaponized the IRS against his political enemies. These legal protections for taxpayer data apply to all taxpayers and are an essential foundation for our tax system, which requires the voluntary submission of information to the government. Voluntary tax compliance depends on taxpayers having faith that their confidential information will not be used for anything other than tax administration.”

    “Immediately following Bessent’s execution of the [agreement with DHS], several IRS leaders announced their resignations, including Acting IRS Commissioner Melanie Krause and Chief Privacy Officer Kathleen Walters, raising further questions about whether they resigned to avoid being a party to a criminal conspiracy to violate tax privacy law,” they continued.

    “The risks created by these activities cannot be overstated. [… IRS] data can be inaccurate because of identity theft, keypunch errors, obsolete address information, and a wide range of other reasons,” they asserted. “If DHS relies on the same data to deport millions of people without validating its accuracy, it is likely to end up making grave errors that impact American citizens and immigrants with valid legal status.”

    The full text of the letter can be found here.

    Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump and Elon Musk’s chaotic actions on Nevada – including at the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, and General Services Administration.

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Colleagues Introduce Legislation to Expand Child Care Relief to Families

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) — U.S. Senator Jeanne Shaheen (D-NH) introduced the Child and Dependent Care Tax Credit Enhancement Act, legislation to help more working families cover a greater share of the high cost of child care. Shaheen was joined by Senators Tina Smith (D-MN), Raphael Warnock (D-GA), Patty Murray (D-WA) and Ron Wyden (D-OR).

    “No matter where I go in New Hampshire, families tell me about how much they struggle to access affordable child care,” said Senator Shaheen. “The Child and Dependent Care Tax Credit is a proven and effective tool for bringing quality, affordable child care within reach for more families. Expanding this credit to keep up with the rising cost of child care is the right thing to do for workers, families and our nation’s economy.”

    The Child and Dependent Care Tax Credit Enhancement Act would permanently expand the Child and Dependent Care Tax Credit (CDCTC). This bill would help ease the burden of high child care costs on working families by increasing the maximum tax credit to $4,000 per child, allowing families to receive up to $8,000 in tax credits to offset up to $16,000 in expenses. It would also make the credit refundable to ensure low-income working families can benefit. The credit would also be indexed to inflation to retain its value over time.

    Senator Shaheen has been a leader in advocating for more affordable and accessible child care, including by delivering more than $77 million to New Hampshire through the American Rescue Plan and other COVID relief laws to the Granite State. In March, Shaheen introduced the Child Care Availability and Affordability Act and the Child Care Workforce Act—bipartisan, bicameral legislation that together form a bold proposal to make child care more affordable and accessible by strengthening existing tax credits to lower child care costs and increase the supply of child care providers. The bill includes language from Shaheen’s Right Start Child Care and Education Act legislation. In August, Shaheen visited Colebrook Community Child Care Center to discuss challenges and solutions to the child care crisis in rural communities, and in October Shaheen hosted Acting Secretary of Labor Julie Su for a discussion on child care and workforce challenges in Brentwood. 

    In addition to Senators Shaheen, Smith, Warnock, Murray and Wyden, the Child and Dependent Care Tax Credit Enhancement Act is cosponsored by Senators John Fetterman (D-PA), Brian Schatz (D-HI), Tammy Duckworth (D-IL), Mazie Hirono (D-HI), Chris Van Hollen (D-MD), Dick Durbin (D-IL), Amy Klobuchar (D-MN), Martin Heinrich (D-NM), Maria Cantwell (D-WA), Angus King (I-ME), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), Cory Booker (D-NJ), Elissa Slotkin (D-MI), Jack Reed (D-RI), Michael Bennet (D-CO), Chris Murphy (D-CT), Peter Welch (D-VT), Ruben Gallego (D-AZ), Chuck Schumer (D-NY), Adam Schiff (D-CA), Tammy Baldwin (D-WI), Kirsten Gillibrand (D-NY) and Sheldon Whitehouse (D-RI).

    The bill is also endorsed by the National Women’s Law Center Action Fund, Child Care Aware of America, Save the Children, First Focus Campaign for Children, First Five Years Fund, Center for Law and Social Policy (CLASP), Moms Rising, National Association for the Education of Young Children (NAEYC), Zero to Three, Society for Human Resource Management (SHRM) and the Early Care and Education Consortium (ECEC).  

    Read more about the Child and Dependent Care Tax Credit Enhancement Act here.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: At Hearing, Warren Presses Treasury Tax Policy Nominee on Commitment to Address Conflicts of Interests

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 11, 2025
    Kies refused to recuse himself from potential conflicts of interest throughout his time in office 
    Warren: “If confirmed as the top tax official at the Treasury Department, you will play a big role in handing out more tax cuts, including tax cuts to your former clients.”
    Video of Exchange (YouTube)
    Washington, D.C. – At a hearing of the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) pressed Mr. Kenneth Kies, nominee for Assistant Secretary for Tax Policy at the Department of the Treasury, on his background as a tax lobbyist for large corporations and pushed him to commit to recusing himself from any matters that would impact the financial interests of his former clients while he is in office. 
    As Treasury’s top tax official, Kies would be responsible for developing and implementing tax policy and programs, negotiating tax treaties, and providing analysis for domestic and international tax policy decisions. However, as Senator Warren highlighted during the hearing, Kies’ former clients stand to gain billions under the upcoming Republican tax bill. If confirmed, Kies’ office at the Treasury Department would oversee the implementation of these tax laws and could potentially include tax loopholes that benefit these large corporations he once lobbied for. 
    So far, Kies has only committed to not working on matters that involve his former clients for one year. When asked if he would commit to recusing himself from matters that would affect the financial interests of his former clients for the duration of his employment, Kies refused to provide a straight answer. 
    This week, Senator Warren sent a letter to Kies urging him to mitigate the glaring conflicts of interest created by his background as a tax lobbyist for large corporations and his extensive investments in corporations that lobby the Treasury on tax policy.
    “Donald Trump cares about one group of people and one group of people only: himself and his billionaire friends, so it’s no surprise that he has nominated a highly paid corporate tax lobbyist to run tax policy for the American people,” said the senator. “We need a government that works for working people, not just massive corporations, their CEOs, and their lobbyists, and that’s what’s going to happen under Mr. Kies’ watch.”
    Transcript: Hearing to examine the nominations of William Kimmitt, of Virginia, to be Under Secretary of Commerce for International Trade, and Kenneth Kies, of Virginia, to be an Assistant Secretary of the Treasury.Senate Finance CommitteeApril 10, 2025
    Senator Elizabeth Warren: Thank you, Mr. Chairman. In 2017, Donald Trump gave $2 trillion in tax cuts, mostly to billionaires and billionaire corporations, and now he’s back for round two, this time a whopping $7 trillion in tax breaks for his rich donors. 
    Now, Mr. Kies, you’ve been a corporate lobbyist for nearly 30 years, successfully arranging tax breaks for Wall Street, Big Tech, Big Oil, and Big Pharma—you’ve helped them all. And if confirmed as the top tax official at the Treasury Department, you will play a big role in handing out more tax cuts, including tax cuts to your former clients. So, I just want to run through how this would work. Mr. Kies, you’ve lobbied for Microsoft for years. Microsoft and other big tech companies are now demanding tax breaks to incentivize research that they would do anyway, but the real kicker is they want those tax breaks, called R&D expensing, to be retroactive, incentivizing them to make research decisions they made years ago. And Republicans have said, ‘Sure, why not.’ 
    Mr. Kies, do you know how much your client, Microsoft, stands to gain from just this one tax break? 
    Mr. Kenneth Kies: No, Senator Warren. 
    Senator Warren: Well, if the Trump administration delivers what tech lobbyists are clamoring for, Microsoft would get $11 billion to incentivize investments it made years ago. That’s from Microsoft’s own annual reports. By the way, that is nearly as much as the federal government spends an entire year on child care for all of our babies. One company, your client, $11 billion. So, let’s try another one, Mr. Kies. 
    You’ve also lobbied on behalf of Pfizer, one of the biggest drug companies out there. President Trump has proposed slashing the tax rate for corporations even further, from 21% to 15% Mr. Kies, do you know how much your client Pfizer stands to gain from cutting the corporate tax rate to 15%?
    Mr. Kies: Okay, Senator Warren, Pfizer is not my client. I closed my business on March 14. None of those companies are my clients. My client—
    Senator Warren: I’m sorry, your former client. 
    Mr. Kies: Okay, former client. 
    Senator Warren: Pfizer, the one you lobbied for. 
    Mr. Kies: And Pfizer was a client over 10 years ago. 
    Senator Warren: Do you know how much they stand to make? 
    Mr. Kies: No. 
    Senator Warren: $4 billion from the Trump corporate tax cut. But there is more. The Republicans in Congress will set out the general rules for this tax giveaway, but your office at the Treasury Department will write the rules to implement those laws. When that happens, lobbyists will line up around the block to ask you for even more tax loopholes, which you know about firsthand, because you did exactly that after the first Trump tax giveaway. Now, you’ve committed not to work on matters involving your clients, or your former clients, for only one year. That means on day 366, while you are still in your job, you can go right back to handing out loopholes that could boost the bottom lines of Microsoft or Pfizer or any other of your former and future clients. 
    Mr. Kies, the American people would like to know that when you draw a government paycheck, you will be working just for them, not for your past and future clients. So, will you commit to recusing yourself from matters that would affect the financial interests of your former clients for the entire time that you are in office?
    Mr. Kies: So, Senator Warren, you and I had a very polite discussion about this when we met, and I advised you at that time, which is what I will tell you in public. I will comply with the terms of the ethics letter, which was written by career experts on ethics. And I would also reference you to the Bloomberg article, today, in which Scott Amey, the general counsel of the Project on Government Oversight, said the following: This is someone, me, who is taking government ethics very seriously— 
    Senator Warren: Very seriously—
    Mr. Kies: And was making attempts—
    Senator Warren: I appreciate that, but I’m running out of time here. 
    Mr. Kies: Well, I would encourage you to read the article.
    Senator Warren: I will take this as a no, and the fact that you say it’s okay with the Trump administration that on day 366, you will be handing out tax loopholes to clients that you took in millions of dollars from. And that you’ve made no pledge not to go back and make them your clients again in the future. That may be okay with the Trump administration. I don’t think it’s okay with the American people. 
    Donald Trump cares about one group of people and one group of people only: himself and his billionaire friends, so it’s no surprise that he has nominated a highly paid corporate tax lobbyist to run tax policy for the American people. We need a government that works for working people, not just massive corporations, their CEOs, and their lobbyists, and that’s what’s going to happen under Mr. Kies’ watch. 

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Duckworth Join Introduction Of Legislation To Increase Value Of Tax Credits That Help Working Class Americans

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    April 10, 2025
    The American Family Act and the Tax Cut for Workers Act would expand the Child Tax Credit and the Earned Income Tax Credit to give Americans much-needed financial relief
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) joined their Senate colleagues to introduce two bills, the American Family Act and the Tax Cut for Workers Act, aimed at expanding tax credits for American families. 
    “As costs have risen, wages haven’t kept up. And now Republicans want to give tax cuts to billionaires. What we need to do instead is give workers and families more tools to help make ends meet,” said Durbin. “The American Family Act and the Tax Cut for Workers Act would put money back into the pockets of hardworking Americans so they can afford to put food on the table, keep their lights on, and access high-quality child care.”
    “When Democrats expanded the Child Tax Credit in the American Rescue Plan, we lifted millions of children out of poverty with the stroke of a pen, bringing child poverty rates to the lowest recorded levels in our history,” Duckworth said. “As costs continue to rise, middle-class families are the ones that need relief, not billionaires like Elon Musk and the corporations shipping jobs overseas. I’m proud to join my colleagues in this push to put money back in the pockets of Americans.”
    The American Family Act, led by U.S. Senator Michael Bennet (D-CO) and cosponsored by Durbin and Duckworth, would permanently expand the Child Tax Credit (CTC) for middle-class and low-income families, one of the most effective tools to reduce poverty and put money back in the pockets of working families.  The 2021 expansion of the CTC in the American Rescue Plan Act, based on the American Family Act, led to a historic reduction in poverty in the United States, particularly for children. Research showed that child poverty fell immediately and substantially to 5.2 percent, its lowest level on record.
    Specifically, the American Family Act would:
    Increase the value of the CTC from the current level of $2,000 per child to $6,360 for newborns, $4,320 for children ages one through six, and $3,600 for children age six through 17;
    End the longstanding, discriminatory policy that reduces the value of the CTC for low-income families, ensuring that the families of 17 million low-income children left out of the CTC under current law will receive the same credit as families in the middle class;
    Provide for monthly delivery of the credit so families have access to the credit as bills arrive; and
    Index the CTC for inflation to preserve the value of the credit moving forward.
    The Tax Cut for Workers Act, led by U.S. Senator Catherine Cortez Masto (D-NV) and cosponsored by Durbin and Duckworth, would cut taxes for working class American without children, who currently receive a much smaller Earned Income Tax Credit (EITC) than workers with children.  The bill would also extend eligibility for the tax cut to workers under the age of 25 and over the age of 64.
    The text of the American Family Act is available HERE and a summary of the bill is available HERE.
    The text of the Tax Cut for Workers Act is available HERE.
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    MIL OSI USA News –

  • MIL-OSI USA: Kelly, Doggett, Davis, Feenstra Introduce Bipartisan Bill to Improve Financial Assistance for College

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. – Today, U.S. Representatives Mike Kelly (R-PA), Chairman of the House Ways and Means Subcommittee on Tax. Lloyd Doggett (D-TX), senior member of the House Ways and Means Committee, Danny K. Davis (D-IL), Ranking Member of the House Ways and Means Subcommittee on Worker and Family Support, and Randy Feenstra (R-IA) introduced the bipartisan Tax-Free Pell Grants Act to remove a financial and logistical barrier impairing students from securing higher education opportunities. 

    Specifically, the legislation expands the usage of Pell Grants on a tax-free basis, improves coordination with the American Opportunity Tax Credit (AOTC), and ensures students do not lose out on any AOTC benefits. An incredibly timely solution as ongoing cuts to postsecondary institutions and research labs across the country result in lost revenue and financial gaps in operating costs, potentially leading to increases in tuition and fees for students and their families.

    “Pell Grants are an important way for more lower-income Americans to get an education and work toward a successful career,” said Rep. Kelly. “More than 216,000 Pennsylvania students benefitted from Pell Grants last year. I’m again proud to join Congressman Doggett on this bipartisan legislation that will expand what these grants can be used for – including child care and computers — so many more Americans, particularly single mothers, have the ability to access higher education to achieve long-term financial stability for themselves and their families.”

    “Everyone deserves a chance at success, and we should be simplifying our tax code to unlock more support for students interested in going to college but who may need a little financial help to get there,” said Rep. Doggett. “This legislation would also expand eligible expenses under the existing tax credit to include computers and childcare, which for many is essential to achieving their dreams and growing our economy.”

    “Education is fundamental to our democracy,” said Rep. Davis. “I am proud to join Representatives Doggett, Kelly, and Feenstra in leading this bill that helps low-income students get the most from the American Opportunity Tax Credit. In my District, relatively few taxpayers use the AOTC because many attend community colleges and can’t claim their childcare and computer costs. Ensuring that students can fully benefit from the AOTC credit without worry about being taxed on the Pell grant helps educate our citizenry and strengthen them economically.”

    “I have long supported Pell Grants because they offer academic opportunities to our students and ensure that Iowans who might otherwise skip higher education because of the cost can pursue advanced studies. These grants are an important investment in the next generation of leaders, farmers, innovators, and entrepreneurs who will support our communities and power our economy forward,” said Rep. Feenstra. “However, current law still requires some students to pay taxes on their Pell Grants, reducing the financial support that these grants are intended to provide. That’s why I’m glad to help introduce legislation to make Pell Grants completely tax-free so that our kids can focus on their studies without worrying about the cost.”

    “The Tax-Free Pell Grant Act is a commonsense, bipartisan solution that ensures students—especially those at community colleges—can fully benefit from the financial aid they’ve earned without facing burdensome tax rules,” said Megan Coval, President of Butler County Community College (BC3). “As a proud member of the Pennsylvania Commission for Community Colleges, Butler County Community College joins our colleagues across the commonwealth in supporting this important legislation. By making Pell Grants fully tax-free and aligning them with the American Opportunity Tax Credit, the bill removes barriers that disproportionately impact low-income students and those attending lower-cost institutions, like BC3. We applaud Congressman Kelly and Congressman Doggett for their leadership and strongly support this effort to expand opportunity, reduce financial uncertainty, and empower community college students in Butler County and across the nation.”

    BACKGROUND

    While Pell Grant awards used to pay for tuition and fees are already treated as tax-free income, any portion of a Pell Grant used for other education-related items like living expenses is taxed. Currently, using Pell Grants to cover tuition reduces potential AOTC eligibility and creates complications for students in maximizing their educational benefits. As a result, many students simply forgo the AOTC, leaving an estimated hundreds of millions of dollars unclaimed each year. By increasing compatibility with the AOTC, we can ensure that Pell Grants are not treated as taxable income, even if they are used for non-tuition education expenses.

    The AOTC covers up to $2,500 in annual college tuition, fees, and other education-related expenses — 40% of the credit, up to $1,000, is refundable. With more than 3 million undergraduate students in the United States being parents—nearly one in five college students—access to affordable childcare can be the difference between completing a degree program or not. The Tax-Free Pell Grants Act meets this need by adding childcare and computer costs as qualifying expenses for the AOTC.

    Endorsing organizations: American Association of Community Colleges, American Association of State Colleges and Universities, American Council on Education, Association of American Universities, Association of Public and Land-grant Universities, and the National Association of Independent Colleges and Universities.

    The bill text is available here.

    MIL OSI USA News –

  • MIL-OSI Australia: Executive Committee

    Source: New places to play in Gungahlin

    ATO Executive Committee

    The ATO Executive Committee focuses on the strategic matters that relate to the direction and positioning of the organisation.

    Our Commissioner and Second Commissioners are statutory appointments. The ATO Executive Committee consists of the Commissioner, 3 Second Commissioners and the leads from the operations and technology sections of the ATO.

    For more information about our organisation, see:

    Commissioner and Registrar

    Commissioner of Taxation and Registrar of the Australian Business Register and the Australian Business Registry Services

    Rob Heferen

    Rob Heferen was appointed as the 13th Commissioner of Taxation on 1 March 2024.

    Rob has had a long career in the Australian Public Service, beginning in 1989 as a graduate at the Australian Customs Service. Over 35 years, he’s accumulated diverse experience across policy development and program delivery in a range of portfolios. Rob has represented Australia in international forums including the United Nations (UN), International Energy Agency (IEA) and Organisation for Economic Co-operation and Development (OECD).

    For almost 20 years, Rob’s interest and expertise in economics and tax policy led him to various roles in the ATO and Commonwealth Treasury. This included leading the Secretariat for the Australia’s Future Tax System Review (the Henry Tax Review) and culminated in his role as Deputy Secretary, Revenue Group at the Commonwealth Treasury between 2011–2016. Here he had responsibility for tax policy, tax legislation and revenue forecasting.

    Rob’s other Senior Executive roles include:

    • Chief Executive Officer of the Australian Institute of Health and Welfare
    • Deputy Secretary of Higher Education, Research and International in the Department of Education, Skills and Employment
    • Deputy Secretary of Energy at the Department of the Environment and Energy (where he served as Australia’s representative on the International Energy Agency’s Governing Board)
    • Deputy Secretary of Indigenous Affairs at the Department of Families, Housing, Community Services and Indigenous Affairs.

    Rob is a proven people leader, with an open, collaborative and authentic style. He has a strong record of achievement in leading organisations to help shape and deliver on Government priorities.

    Rob has a Bachelor of Arts (Hons) and Bachelor of Laws from the University of Tasmania, and a Graduate Diploma of Economics from the Australian National University.

    Second Commissioner – Client Engagement

    Jeremy Hirschhorn

    Jeremy Hirschhorn was appointed to the Second Commissioner role from 16 April 2020. He has overall responsibility for the ATO’s Client Engagement Group, which fosters willing participation in Australia’s tax and super systems through well-designed client experiences.

    Jeremy has more than 20 years’ experience in roles managing complex tax matters.

    As Deputy Commissioner of Public Groups & International from April 2015, Jeremy was responsible for ensuring that the largest Australian and multinational companies were meeting their corporate tax obligations and providing the Australian community with confidence that these large companies were being held to account.

    Jeremy also worked as Chief Tax Counsel, with responsibility for the provision of the ATO’s legal advice in relation to interpretation of the tax and super laws, when he joined the ATO in August 2014.

    Prior to joining the ATO, Jeremy was a senior partner in KPMG’s tax practice.

    Jeremy holds a Bachelor of Commerce and Bachelor of Laws from the University of NSW. He is a Chartered Tax Adviser and Chartered Accountant.

    Second Commissioner Frontline Operations

    David Allen

    David Allen was appointed to the Second Commissioner Frontline Operations role from 1 November 2024. In this role, David leads the Frontline Operations Group which is responsible for a broad range of the ATO’s taxpayer services for all segments of the community.

    These include:

    • processing all payments, activity statements, income tax returns, superannuation lodgments and other forms
    • administering the Tax File Number register, Australian Business Register and Director ID Services.

    David joined the ATO in 2010 as an Assistant Commissioner in Public Groups & Internationals – working in Capital Gains Tax risk, Internationals. In 2016, he was the ATO’s delegate to the Organisation for Economic Co-operation Development (OECD) based in Paris.

    In 2018, David was promoted to Deputy Commissioner and established the Enterprise Strategy and Design (ESD) business line – which takes the leadership role in working with business areas to shape the ATO’s strategic direction, risk management, planning and reporting, as well as internal audit and design.

    Prior to joining the ATO, David held senior roles in different tiers of the public service including Commonwealth, United Kingdom, NSW and local government.

    David has a degree in Engineering and a Masters of Business Administration from Australian Graduate School of Management.

    Second Commissioner for Law Design and Practice

    Kirsten Fish

    Kirsten has overall responsibility for the ATO’s law practice, including law interpretation, public advice and guidance, independent dispute prevention, litigation and resolution, and the ATO’s contribution to policy and law design.

    The Law Design and Practice Group serves the community, government and clients by ensuring the tax and super laws are informed, understood, administered and applied with confidence and integrity and is respected and trusted as the authoritative voice of the Commissioner on matters of law and revenue analysis.

    Kirsten joined the ATO in 2014 and the ATO’s Chief Tax Counsel from 2015, one of the highest legal authorities within the ATO, leading the Tax Counsel Network and providing technical leadership in relation to significant tax issues, cases and rulings. Kirsten was acting Second Commissioner for 12 months before being formally appointed to the role in October 2021.

    Prior to joining the ATO, Kirsten was a tax Partner at Clayton Utz with a focus on the financial services industry and providing finance and investment transaction advice.

    Kirsten holds a Bachelor of Commerce (Accounting), Bachelor of Laws (First Class Honours) and Masters of Law (Tax).

    Chief Operating Officer

    Jacqui Curtis

    The Chief Operating Officer (COO) leads the ATO’s Enterprise Strategy and Corporate Operations functions.

    These functions include Strategic Planning, Governance, Finance, Corporate, Risk Management, People, Integrity, Change Management and Design for the organisation. In this role, Jacqui is a member of the ATO Executive, responsible for shaping and setting strategic direction and oversight implementation.

    The COO position gives greater strength and integration to our corporate positioning, and ensures we are well positioned for Australian Public Service (APS)-wide reforms of corporate and shared services, and that our planning, governance and risk management is strategic and sensible. The COO brings together an integrated picture of our people and resource management and ensure we have the right capability and culture to meet our strategic intent.

    This position has a role in managing the relationship with key stakeholders like our scrutineers.

    All of these underpin our ability to deliver on a better client and staff experience. 

    Prior to the COO role, Jacqui joined the ATO in September 2013 as Deputy Commissioner ATO People and was responsible for delivering an enterprise-wide human resource management service which supports ATO employees in providing a sustainable, open and accountable workplace. Jacqui was also responsible for leading the Reinvention Program Management Office and the change management driving this key reform.

    Before joining the ATO, Jacqui was General Manager of the People Capability Division with Services Australia, where she led the department’s leadership and change, people development, workforce planning and research functions. Jacqui has also worked for the Australian Public Service Commission, where she was responsible for delivering integrated people development, SES and APS-wide leadership and talent, change management, strategic recruitment, communications, and learning and development. She also has extensive international experience.

    Jacqui holds an Executive Masters in Public Administration from the Australian National University and is a Fellow of Australian Human Resource Institute, and was appointed Adjunct Professor University of Canberra in 2018.

    In October 2019, Jacqui was appointed the inaugural Head of the APS HR Professional Stream.

    Chief Information Officer

    Mark Sawade

    Mark Sawade was appointed to the Chief Information Officer role from 11 March 2025.

    In this role Mark has overall responsibility for the ATO’s Enterprise Solutions and Technology Group, who work to ensure we maintain a contemporary, secure and reliable technology environment that supports tax, super and registry systems into the future.

    Mark has nearly 25 years’ experience in the Australian Public Service, primarily in Information and Communication Technology (ICT) leadership roles. Preceding his appointment at the ATO, Mark was the Chief Information Officer at the Department of Agriculture, Fisheries and Forestry, where he led and delivered a range of digital transformation initiatives.

    In 2019, Mark led the School Funding and Data Collection division in the Department of Education, where he delivered significant reform that focused on increased use of government data in the calculation of school funding entitlements.

    Mark has also held ICT senior executive leadership roles in a number of public sector agencies, including at the Department of Education, Australian Bureau of Statistics, ComSuper and the Department of Immigration and Border Protection.

    Mark holds a Bachelor of Computer and Information Science from the University of South Australia.

    MIL OSI News –

  • MIL-OSI USA: Kamlager-Dove, Bipartisan Group of Lawmakers Introduce Bicameral Legislation to Help Children Find Permanent Families via Adoption

    Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

    The bill helps more children join permanent, loving families by removing income as a barrier to adoption.

    WASHINGTON, DC — On Thursday, Congresswoman Sydney Kamlager-Dove (D, CA-37) introduced the bipartisan, bicameral Adoption Tax Credit Refundability Act of 2025 alongside Representatives Robert Aderholt (R, AL-04), Don Bacon (R, NE-02), Danny K. Davis (D, IL-07), Randy Feenstra (R, IA-04), Blake Moore (R, UT-01), and Gwen Moore (D, WI-04). The legislation would help children find permanent, loving families by removing income as a barrier to adoption. Senators Kevin Cramer (R-ND) and Amy Klobuchar (D-MN) will introduce companion legislation in the Senate. 

    The Adoption Tax Credit helps families offset some of the costs of adoption, especially for children with special needs. Currently, the tax credit disadvantages low- and middle-income families, in particular families with annual incomes between $30,000 to $50,000.  This inequity is problematic given that approximately half of youth adopted from foster care live in families with incomes at or below 200 percent of the federal poverty level; thus, the credit inadvertently creates barriers to permanency for a substantial number of families.  During the Great Recession, Congress allowed families to receive the Adoption Tax Credit if the credit exceeded their tax liability recognizing that the economic hardship could prevent families from adopting or exact a heavy financial toll from families choosing adoption.  The Adoption Tax Credit Refundability Act of 2025 would again make this credit refundable to remove income as a barrier to adoption to help more children join permanent, loving families.

    “As a Co-Chair of the Foster Youth Caucus, I am proud to co-lead the reintroduction of the bipartisan Adoption Tax Credit Refundability Act with my colleagues,” said Rep. Sydney Kamlager-Dove. “Each and every one of our foster youth deserves to have a loving home, and reducing the financial barriers to adoption for low and middle-income families will help ensure this reality. We need more commonsense efforts like this to reform our care system and improve outcomes for families and children.”

    “The Adoption Tax Credit Refundability Act reflects common-sense federal policy,” said Rep. Davis. “It strengthens families, removes income as a barrier to adoption, and helps vulnerable children join permanent, loving families.  Former foster youth represent the majority of children adopted by families earning less than 200 percent of the poverty level.  This bill will make a critical difference in the ability of lower and middle-income families to adopt. I am proud to work across the aisle to improve the Adoption Tax Credit to better help more children and families benefit.”

    “Even before joining Congress, I have been committed to supporting and engaging with the adoption community in Utah,” said Rep. Blake Moore (UT). “In learning more about their priorities and challenges, it is clear that many families cannot adopt due to financial barriers. I am proud to co-lead the Adoption Tax Credit Refundability Act as we seek to alleviate these hurdles. This bipartisan bill will make the adoption tax credit fully refundable so that low- and middle-income families can receive the full value of the credit, making it easier for them to open their homes to children in need of forever families.”

    “This bipartisan legislation can offer support that helps transform the lives of countless children and families,” said Rep. Gwen Moore (WI). “By permanently reinstating the refundability of the Adoption Tax Credit, we help lower financial barriers to placing children in loving families permanently and we also ensure that more families, including low and middle-income families, can fully benefit from this credit. With this bill, we can pave the way for more children who have already suffered much to find permanent homes. I am honored to partner with my colleagues, including my fellow-cochairs on the Congressional Caucus on Foster Youth.”

    “As a father of four, I believe that every child deserves a loving home and that we should encourage families to adopt. That means that Iowans who want to adopt but do not have the financial resources to do so should not be prevented from making additions to their families – they should be supported,” said Rep. Feenstra. “I’m glad to work with a bipartisan group of my colleagues to make the Adoption Tax Credit fully refundable so that families can adopt without facing costly financial barriers. To keep our communities strong, we need to invest in our families and help every child find a permanent, loving home.”

    “For years, income has become a roadblock for many families wishing to adopt,” said Rep. Bacon. “As co-chair of the Foster Youth Caucus and an adoptive parent myself, I understand the need to remove this barrier by offsetting these burdensome costs. By making the adoption tax credit fully refundable, this bill makes it easier for families to adopt and gives our nation’s youth a safe, loving, and permanent home. I thank my co-leads for their partnership on this common-sense, bipartisan legislation that is desperately needed today.”

    “Every child deserves the chance to grow up in a loving, permanent home,” said Rep. Aderholt. “One of the biggest concerns I hear from adoptive parents is the high cost of adoption, which can be overwhelming and discouraging. The Adoption Tax Credit Refundability Act helps make adoption more accessible by easing the financial barriers that too often stand in the way. I’m proud to support this bipartisan effort to ensure more families can say yes to adoption and more children can find the forever homes they deserve.”

    “Adoption is a true joy for families, but it is not without significant financial cost,” said Senator Cramer. “Our bill will make the credit refundable to help all adoptive families access the full amount of the adoption tax credit, regardless of their tax burden. Support for adoptive families is essential to ensure more children find the stable, loving home they deserve.”

    “Minnesotans have a long and proud tradition of adoption to welcome children into safe and loving homes,” said Senator Amy Klobuchar. “Our bipartisan legislation will allow more families to access the full adoption tax credit, helping ensure a smooth and successful transition for children and families. As co-chair of the Congressional Coalition on Adoption, I’ll keep working to improve the adoption process and help every child find the permanent home they deserve.”

    The Adoption Tax Credit Refundability Act of 2025 is supported by 98 state, local and national organizations, including:  Academy of Adoption and Assisted Reproduction Attorneys; Child Welfare League of America; Congressional Coalition on Adoption Institute (Secretariat of the Adoption Tax Credit Working Group); Dave Thomas Foundation for Adoption; Families Rising; Generations United; Jewish Children’s Adoption Network; Lutheran Child and Family Services of Illinois; National Council for Adoption; National Foster Parent Association; United States Conference of Catholic Bishops; the Voice for Adoption; and Youth Villages.

     

    Academy of Adoption and Assisted Reproduction Attorneys

    “Restoring refundability to the Adoption Tax Credit will help more families welcome children into loving homes and help secure their futures,” said Deb Guston, Adoption Policy Director of the Academy of Adoption and Assisted Reproduction Attorneys (AAAA). “We applaud the leadership of our Adoption Tax Credit champions in Congress in reintroducing legislation on this important issue for children and families.”

     

    Congressional Coalition on Adoption Institute

    “CCAI is proud to serve as the secretariat of the Adoption Tax Credit Working Group, a national coalition of nearly 100 organizations committed to making adoption more accessible,” said Kate McLean, Executive Director of CCAI. “As the nonprofit partner of the bipartisan, bicameral Adoption Caucus, we’re grateful for the leadership of Caucus Members, especially Co-Chairs Robert Aderholt, Kevin Cramer, Danny K. Davis, and Amy Klobuchar as well as Sen. Ben Ray Luján and Reps. Blake Moore and Don Bacon, in advancing adoption tax credit refundability and helping remove barriers to permanency.”

     

    Families Rising

    “This bipartisan legislation stands as a beacon of hope, leveling the playing field and extending a helping hand to lower-income families on par with their middle-income counterparts. It champions the cause of permanency for children transitioning out of the foster care system, enabling them to find loving homes through adoption,” said Ligia Cushman, Chief Executive Officer of Families Rising. “This transformative legislation addresses the stark reality faced by numerous children adopted from foster care. With the introduction of this legislation, a bright and promising future becomes possible for these vulnerable children, as their families are granted the opportunity to access what they need to thrive.”

     

    National Council For Adoption

    “We are grateful for the bipartisan leadership in making the adoption tax credit available to more families,” said Ryan Hanlon, president and CEO of National Council For Adoption. “The cost of adoption should never be a barrier for children to find permanent, loving families, and this legislation ensures we support all families, including lower-income families.”

     

    Voice for Adoption

    “Many children adopted from foster care are adopted by families at or near the poverty line and they receive little or no assistance under the current tax credit,” said Patrick Lester, Executive Director of Voice for Adoption. “This bipartisan legislation will make adoption possible for many more vulnerable children who need a permanent place to call home.”

     

    A copy of the Adoption Tax Credit Refundability Act is here; a summary of the bill is here.

     

    ###

    Representatives Davis (IL), Moore (UT), Moore (WI), and Feenstra (IA) are Members of the House Ways and Means Committee with broad jurisdiction over Federal revenue measures.  Representatives Bacon (NE), Kamlager-Dove (CA), and Moore (WI)  are co-chairs of the Congressional Caucus on Foster Youth.  Representatives Adherholt and Davis as well as Senators Cramer and Klobuchar co-chair the Congressional Coalition on Adoption.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Tenney Reintroduces the Promoting Affordable Childcare for Everyone Act

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Claudia Tenney (NY-24), alongside Congressman Brad Schneider (IL-10), reintroduced the Promoting Affordable Childcare for Everyone (PACE) Act to bolster existing federal childcare tax incentives and improve access to affordable and high-quality child care for American families. 

    The PACE Act would update the Child and Dependent Care Tax Credit and enhance Dependent Care Flexible Spending Accounts (DCFSAs) to make the credit refundable and allow for annual updates to keep both incentives effective and provide more financial support for working parents. This legislation increases the amount of pre-tax dollars parents can put into the accounts from $5,000 to $7,500, which indexes the new cap to inflation to allow DCFSAs to keep pace with the cost of childcare.

    “Hardworking families should not have to spend their entire paycheck on affordable, quality child care. The PACE Act supports working families and childcare professionals by increasing the Dependent Care Flexible Spending Accounts cap and expanding the Child and Dependent Care Tax Credit to keep up with today’s economy. This pro-family bill modernizes federal child care incentives, increases accessibility, and ensures lower-income and working families can provide quality care for their children,” said Congresswoman Tenney. 

    “The cost of quality childcare has only gone up while the existing provisions in our tax code that help with these costs haven’t been updated in decades. Childcare costs are crushing too many families across the country — it’s long past time we enhance them to provide substantive financial support for working families and ensure they remain effective going forward. I’m proud to join Rep. Tenney send this lifeline to families struggling to afford care for their kids,” said Congressman Schneider. 

    “Child care costs are continuing to rise, and working parents simply can’t keep up,” said FFYF Executive Director Sarah Rittling. “The Promoting Affordable Childcare for Everyone (PACE) Act takes a significant step towards making care more affordable by updating two important tax provisions: the Child and Dependent Care Tax Credit (CDCTC) and Dependent Care Assistance Plans (DCAP). This legislation is a direct investment in hardworking families who need support as they look to re-enter or stay in the workforce, and we are grateful to Reps. Claudia Tenney and Brad Schneider for their work to provide much-needed relief to parents and caregivers.” 

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Ohio Resident Sentenced to Six Years in Prison for Narcotics Trafficking

    Source: Office of United States Attorneys

    JOHNSTOWN, Pa. – A resident of Cleveland, Ohio, was sentenced in federal court to 72 months in prison, to be followed by four years of supervised release, on his conviction of conspiracy to distribute and possession with intent to distribute cocaine, fentanyl, and crack, Acting United States Attorney Troy Rivetti announced today.

    United States District Judge Marilyn J. Horan imposed the sentence on Deangelo Ward, 35, on April 10, 2025.

    According to information presented to the Court, from in and around July 2022 to in and around March 2023, in the Western District of Pennsylvania, Ward conspired with others to distribute and possess with intent to distribute 500 grams or more of a mixture of cocaine, 40 grams or more of a mixture of fentanyl, and a quantity of a mixture of crack. Ward was intercepted on a federal wiretap obtaining quantities of the drugs that he distributed to others.

    Assistant United States Attorney Arnold P. Bernard Jr. prosecuted this case on behalf of the government.

    Acting United States Attorney Rivetti commended the Federal Bureau of Investigation’s Laurel Highlands Resident Agency and Homeland Security Investigations for the investigation leading to the successful prosecution of Ward. Additional agencies participating in the investigation included the Bureau of Alcohol, Tobacco, Firearms and Explosives, Internal Revenue Service – Criminal Investigation, United States Postal Inspection Service, and other local law enforcement agencies.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI Global: AI-generated images can exploit how your mind works − here’s why they fool you and how to spot them

    Source: The Conversation – USA – By Arryn Robbins, Assistant Professor of Psychology, University of Richmond

    A beautiful kitchen to scroll past – but check out the clock. Tiny Homes via Facebook

    I’m more of a scroller than a poster on social media. Like many people, I wind down at the end of the day with a scroll binge, taking in videos of Italian grandmothers making pasta or baby pygmy hippos frolicking.

    For a while, my feed was filled with immaculately designed tiny homes, fueling my desire for minimalist paradise. Then, I started seeing AI-generated images; many contained obvious errors such as staircases to nowhere or sinks within sinks. Yet, commenters rarely pointed them out, instead admiring the aesthetic.

    These images were clearly AI-generated and didn’t depict reality. Did people just not notice? Not care?

    As a cognitive psychologist, I’d guess “yes” and “yes.” My expertise is in how people process and use visual information. I primarily investigate how people look for objects and information visually, from the mundane searches of daily life, such as trying to find a dropped earring, to more critical searches, like those conducted by radiologists or search-and-rescue teams.

    With my understanding of how people process images and notice − or don’t notice − detail, it’s not surprising to me that people aren’t tuning in to the fact that many images are AI-generated.

    We’ve been here before

    The struggle to detect AI-generated images mirrors past detection challenges such as spotting photoshopped images or computer-generated images in movies.

    But there’s a key difference: Photo editing and CGI require intentional design by artists, while AI images are generated by algorithms trained on datasets, often without human oversight. The lack of oversight can lead to imperfections or inconsistencies that can feel unnatural, such as the unrealistic physics or lack of consistency between frames that characterize what’s sometimes called “AI slop.”

    Despite these differences, studies show people struggle to distinguish real images from synthetic ones, regardless of origin. Even when explicitly asked to identify images as real, synthetic or AI-generated, accuracy hovers near the level of chance, meaning people did only a little better than if they’d just guessed.

    In everyday interactions, where you aren’t actively scrutinizing images, your ability to detect synthetic content might even be weaker.

    Attention shapes what you see, what you miss

    Spotting errors in AI images requires noticing small details, but the human visual system isn’t wired for that when you’re casually scrolling. Instead, while online, people take in the gist of what they’re viewing and can overlook subtle inconsistencies.

    Visual attention operates like a zoom lens: You scan broadly to get an overview of your environment or phone screen, but fine details require focused effort. Human perceptual systems evolved to quickly assess environments for any threats to survival, with sensitivity to sudden changes − such as a quick-moving predator − sacrificing precision for speed of detection.

    This speed-accuracy trade-off allows for rapid, efficient processing, which helped early humans survive in natural settings. But it’s a mismatch with modern tasks such as scrolling through devices, where small mistakes or unusual details in AI-generated images can easily go unnoticed.

    People also miss things they aren’t actively paying attention to or looking for. Psychologists call this inattentional blindness: Focusing on one task causes you to overlook other details, even obvious ones. In the famous invisible gorilla study, participants asked to count basketball passes in a video failed to notice someone in a gorilla suit walking through the middle of the scene.

    If you’re counting how many passes the people in white make, do you even notice someone walk through in a gorilla suit?

    Similarly, when your focus is on the broader content of an AI image, such as a cozy tiny home, you’re less likely to notice subtle distortions. In a way, the sixth finger in an AI image is today’s invisible gorilla − hiding in plain sight because you’re not looking for it.

    Efficiency over accuracy in thinking

    Our cognitive limitations go beyond visual perception. Human thinking uses two types of processing: fast, intuitive thinking based on mental shortcuts, and slower, analytical thinking that requires effort. When scrolling, our fast system likely dominates, leading us to accept images at face value.

    Adding to this issue is the tendency to seek information that confirms your beliefs or reject information that goes against them. This means AI-generated images are more likely to slip by you when they align with your expectations or worldviews. If an AI-generated image of a basketball player making an impossible shot jibes with a fan’s excitement, they might accept it, even if something feels exaggerated.

    While not a big deal for tiny home aesthetics, these issues become concerning when AI-generated images may be used to influence public opinion. For example, research shows that people tend to assume images are relevant to accompanying text. Even when the images provide no actual evidence, they make people more likely to accept the text’s claims as true.

    Misleading real or generated images can make false claims seem more believable and even cause people to misremember real events. AI-generated images have the power to shape opinions and spread misinformation in ways that are difficult to counter.

    Beating the machine

    While AI gets better at detecting AI, humans need tools to do the same. Here’s how:

    1. Trust your gut. If something feels off, it probably is. Your brain expertly recognizes objects and faces, even under varying conditions. Perhaps you’ve experienced what psychologists call the uncanny valley and felt unease with certain humanoid faces. This experience shows people can detect anomalies, even when they can’t fully explain what’s wrong.
    2. Scan for clues. AI struggles with certain elements: hands, text, reflections, lighting inconsistencies and unnatural textures. If an image seems suspicious, take a closer look.
    3. Think critically. Sometimes, AI generates photorealistic images with impossible scenarios. If you see a political figure casually surprising baristas or a celebrity eating concrete, ask yourself: Does this make sense? If not, it’s probably fake.
    4. Check the source. Is the poster a real person? Reverse image search can help trace a picture’s origin. If the metadata is missing, it might be generated by AI.

    AI-generated images are becoming harder to spot. During scrolling, the brain processes visuals quickly, not critically, making it easy to miss details that reveal a fake. As technology advances, slow down, look closer and think critically.

    Arryn Robbins does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. AI-generated images can exploit how your mind works − here’s why they fool you and how to spot them – https://theconversation.com/ai-generated-images-can-exploit-how-your-mind-works-heres-why-they-fool-you-and-how-to-spot-them-246867

    MIL OSI – Global Reports –

  • MIL-OSI Africa: International Monetary Fund (IMF) and Seychelles Reach Staff-Level Agreement on the Fourth Reviews Under the Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) Arrangements

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, April 11, 2025/APO Group/ —

    • IMF staff and the Seychellois authorities have reached a staff-level agreement on the fourth reviews under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. Approval of the reviews by the IMF’s Executive Board would release financing of SDR 10 million, equivalent to $13.4 million.
    • The government has made strong progress in implementing policies under the EFF and RSF programs. All quantitative targets for the fourth reviews have been met. Good progress has been made on a range of macro-structural issues.
    • Seychelles’ economic outlook is generally stable, but downside risks have increased. Given vulnerability to changes in tourist spending, international commodity prices, and transport costs, continued fiscal prudence and close monitoring of economic and financial indicators is recommended.

    An International Monetary Fund (IMF) mission, led by Mr. Todd Schneider, conducted discussions with the Seychellois authorities in Victoria from March 31 to April 11, 2025, and reached a staff-level agreement on the fourth reviews under the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. This agreement is subject to approval by the IMF’s Executive Board. Approval would release financing of SDR 10 million, equivalent to $13.4 million.

    At the end of the mission, Mr. Schneider issued the following statement:

    “The authorities continue to make progress in implementing the EFF-supported program. All end-December 2024 quantitative performance criteria under the program were met. Structural reforms related to improving the transparency of tax policy, enhancing monetary policy operations, and strengthening the effectiveness of the anti-money laundering and combatting the financing of terrorism (AML/CFT) regime were completed.

    “Real GDP growth for 2024 is estimated at 2.9 percent. Total tourist arrivals increased by only 0.5 percent, and tourist earnings declined by 6.9 percent. Growth in other sectors of the economy was generally moderate, apart from agriculture, information and communication, and financial services. Real GDP growth is expected to reach 3.2 percent in 2025 but is subject to downside risks given recent global economic developments.

    “Fiscal performance in 2024 was tighter than budgeted. The government’s primary fiscal surplus rose from 1.7 percent of GDP in 2023 to 3.2 percent in 2024. Tax and other revenues were slightly lower than earlier forecasts, but government expenditures were substantially lower than expected. The underspend was spread across budget lines but was highest with respect to capital projects, reflecting diversion of government planning resources to emergency reconstruction in the first part of the year and delays in several projects due to design and procurement issues. For 2025, the government is expected to achieve a primary fiscal surplus of 1.2 percent of GDP as budget execution improves.

    “The 2024 external current account position was stronger than expected due largely to lower than expected imports as some foreign financed projects did not materialize. The Central Bank of Seychelles (CBS) was able to increase gross foreign exchange reserves to $774 million, equivalent to 3.8 months of imports of goods and services. Looking ahead, a modest deterioration of the external account is expected in 2025. Tourist arrivals and earnings are projected to cool in the second half of the year but will be partially offset by lower international oil prices. On balance, this should allow the CBS to maintain central bank foreign exchange reserves over $800 million in 2025, raising import cover to the equivalent of 3.9 months.

    “The CBS has maintained a broadly accommodative monetary policy, facilitating a steady increase in the growth of private credit. Inflation remains low and is projected to remain below 2 percent in 2025. The CBS will need to monitor developments closely in coming months and be ready to adjust policy rates if needed. CBS will also continue to strengthen Seychelles’ monetary policy framework and bolster financial sector supervision.

    “The authorities are committed to bolstering governance. The Public Enterprise Monitoring Commission—through an independent audit firm—will complete governance and performance assessments of six key public enterprises by end-year. The 2025 budget contained an estimate of foregone revenue from tax expenditures (such as exemptions, deductions, and reduced rates). The government also continues to improve the transparency of the beneficial ownership database and ensure the accuracy of collected information.

    “With respect to climate change mitigation and adaptation, the authorities are advancing reform measures agreed under the RSF. Measures related to the current review focused on assessing and reporting on climate related risks in the banking sector, adopting a disaster risk financing strategy, and steps to facilitate the scaling up of renewable energy.

    “The team thanks the Seychellois authorities for the open dialogue and close collaboration. Meetings were held with President Ramkalawan, Vice President Afif, Governor of the Central Bank of Seychelles Abel, and other senior government officials as well as representatives of the private sector.”

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Tax treatment of predevelopment costs: update on consultation

    Source: United Kingdom – Executive Government & Departments 3

    News story

    Tax treatment of predevelopment costs: update on consultation

    Following the Court of Appeal judgement on 17 March on matters with significant readout across to this issue, the government is updating on the publication of the consultation on the tax treatment of predevelopment costs.

    At Autumn Budget 2024, the government committed to publishing a consultation on the tax treatment of predevelopment costs. On 17 March, the Court of Appeal handed down its judgement in the case of Orsted West of Duddon Sands (UK) Limited and others v HMRC.

    Following the Court of Appeal judgement on 17 March on matters with significant readout across to this issue, the publication of the consultation on the tax treatment of predevelopment costs is being postponed. The government is considering the implications of the judgment for the consultation. To give stakeholders and government time to reflect on the judgement, the government will determine its next steps in respect to this consultation in due course.

    In the interim, the government welcomes views on what this judgement means for you or the businesses you represent. Do let us know via predevcosts@hmtreasury.gov.uk

    Updates to this page

    Published 11 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: QC Holdings, Inc. to be Acquired by Prospect Capital Corporation

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) — A portfolio company of Prospect Capital Corporation (“Prospect”) (NASDAQ: PSEC) and QC Holdings, Inc. (“QC Holdings” or the “Company”) (OTCPK:QCCO) today announced they have entered into a definitive merger agreement pursuant to which, subject to certain conditions and on the terms set forth in the merger agreement, Prospect would acquire QC Holdings in an all-cash transaction, for $2.00 per share, for a total enterprise value of approximately $115 million (the “Merger”).

    The Merger was unanimously approved by the board of directors of QC Holdings and by the holders of a majority of the outstanding shares of the Company’s common stock. No other stockholder approval is required. Completion of the Merger is subject to the receipt of certain required regulatory approvals, as well as certain other closing conditions customary for transactions of this nature. The transaction is expected to close in 40 to 60 days.

    Upon completion of the transaction, QC Holdings’ common stock will no longer be listed on the OTC Pink Market. The Company will remain headquartered in Lenexa, Kansas.

    The QC Holdings management team, led by Darrin Andersen, President and Chief Executive Officer, will continue to lead the Company post-Merger in their current roles.

    “QC Holdings has built a strong foundation based on innovation, customer service, and operational excellence,” said Mr. Andersen. “This Merger provides an excellent premium for our stockholders above our stock price. Our access to greater capital through Prospect will position us for future growth and innovation, ensuring that we will continue to provide increased value to our customers.”

    “Prospect looks forward to supporting the growth of QC Holdings, a strong consumer finance business with a 40-year history,” said Grier Eliasek, President and Chief Operating Officer of Prospect.

    Blank Rome LLP served as legal advisor to Prospect. Stinson LLP served as legal advisor to QC Holdings.

    About QC Holdings, Inc.

    QC Holdings specializes in consumer-focused alternative financial services and credit solutions and, for more than 40 years, has been providing credit options for people underserved by traditional banking institutions. Its core products include a variety of short-term loans and financial services. In the United States, QC Holdings operates as “LendNation” through more than 325 retail locations in 12 states. In Canada, QC Holdings offers loans through 19 retail locations and online.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act, whose safe harbor for forward-looking statements does not apply to business development companies. Forward-looking statements do not relate strictly to historical or current facts and may be identified by the use of words such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “forecasts,” “foresees,” “potential” and other words of similar meaning in conjunction with statements regarding, among other things, (i) plans and objectives of management for the operation of QC Holdings, (ii) statements regarding the timing of completion of the merger and the consummation of the Merger, (iii) the anticipated financing of the transaction, (iv) the anticipated benefits to QC Holdings arising from the completion of the Merger, (v) the impact of the Merger on QC Holdings’ business strategy and future business and operational performance, and (vi) the assumptions underlying or relating to any such statement. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements.

    Additional Information Regarding the Merger

    QC Holdings will mail or otherwise make available to its stockholders an Information Statement (the “Information Statement”), describing the Merger. QC HOLDINGS’ STOCKHOLDERS ARE URGED TO CAREFULLY REVIEW THE INFORMATION STATEMENT AND ANY ACCOMPANYING DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. QC Holdings stockholders may obtain a free copy of the Information Statement and other documents (when available) from Computershare, the Company’s stock transfer agent.  A copy of the Information Statement will also be available on QC Holdings’ website at www.qchi.com.

    For further information, contact:

    Grier Eliasek, President and Chief Operating Officer, Prospect Capital Corporation 
    grier@prospectcap.com 
    (212) 448-0702

    Darrin J. Andersen, President / Chief Executive Officer, QC Holdings Inc. 
    Darrin.andersen@qcholdings.com
    (913) 234-5122

    Joshua C. Ditmore, General Counsel, QC Holdings, Inc.
    Joshua.ditmore@qcholdings.com
    (913) 234-5174

    The MIL Network –

  • MIL-OSI Security: York County Man Pleads Guilty To Filing False Income Tax Returns That Omitted More Than $13 Million In Income From Digital Artwork Sales

    Source: Office of United States Attorneys

    HARRISBURG- The United States Attorney’s Office for the Middle District of Pennsylvania announced that Waylon Wilcox, age 45, of Dillsburg, Pennsylvania, appeared in federal court April 9, 2025, before Senior United States District Judge Malachy E. Mannion, and pled guilty to a two-count criminal information charging him with filing false individual income tax returns.

    According to court documents and statements made in court, on April 10, 2022, in Cumberland County, Wilcox filed a false individual income tax return for tax year 2021 that underreported his income for tax year 2021 by approximately $8,511,238 and reduced Wilcox’s tax then due and owing by approximately $2,180,452. On October 10, 2023, in Cumberland County, Wilcox filed a false individual income tax return for tax year 2022 that underreported Wilcox’s income for tax year 2022 by approximately $4,599,532 and reduced Wilcox’s tax then due and owing by approximately $1,098,623.

    Wilcox obtained most of this unreported income after acquiring and selling 97 pieces of digital artwork from the “CryptoPunks” collection of 10,000 unique art characters. Individual pieces from the digital artwork collection were referred to as “Punks.”

    Each Punk was unique and contained digital proof of ownership that could be tracked on a blockchain, a digitally distributed, decentralized, public ledger. Two Punks from the same blockchain could look identical but were not interchangeable, meaning they were non-fungible. These so-called “non-fungible tokens” (or NFTs) could be traded and sold for money or cryptocurrency.  

    In 2021, Wilcox sold approximately 62 Punks for a total of approximately $7,402,935. In 2022, Wilcox sold approximately 35 Punks for a total of approximately $4,899,180. On his 2021 individual income tax return, Wilcox falsely answered “no” to the question “At any time in 2021, did you receive, sell, exchange, or otherwise dispose of financial interest in any virtual currency?” On his 2022 individual income tax return, Wilcox falsely answered “no” to the question “At any time during 2022, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, gift or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”

    When a taxpayer sells an NFT, including a Punk, then the taxpayer must report sales proceeds and any gains or losses from the sale of the NFT on their tax return.

    “IRS Criminal Investigation is committed to unraveling complex financial schemes involving virtual currencies and non-fungible token (NFT) transactions designed to conceal taxable income,” said Philadelphia Field Office Special Agent in Charge Yury Kruty. “In today’s economic environment, it’s more important than ever that the American people feel confident that everyone is playing by the rules and paying the taxes they owe.”  

    The case was investigated by the Internal Revenue Service, Criminal Investigation. Assistant U.S. Attorney David C. Williams is prosecuting the case.

    The total maximum penalty under federal law for these offenses is up to six years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

    # # #

    MIL Security OSI –

  • MIL-OSI: ThriveCart Launches Custom-Built Stripe Connect+ and Innovative Pro+ Platform Features

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 11, 2025 (GLOBE NEWSWIRE) — ThriveCart is thrilled to announce Stripe Connect+, its new custom-built integration with Stripe, which brings a new era of advanced payment processing to many of ThriveCart’s 60,000 + course creators, coaches, and online business owners.

    Officially available from April 16, 2025, Stripe Connect+ powers ThriveCart Pro+ features for the leading no-code sales platform, affiliate engine and Learning Management System (LMS), to deliver flexible and scalable checkout experiences that increase conversions, digital sales, and revenue.

    Stripe Connect+

    Stripe Connect+ introduces cutting-edge checkout capabilities that extend beyond those of previous Stripe Legacy and Stripe Enhanced setups. Its new authentication flows and advanced 3D Secure configuration ensure users’ global compliance and security across diverse transaction scenarios.

    Stripe Connect+ supports 100+ payment methods, including Amazon Pay, Revolut Pay, Zip, TWINT, and Swish. The Stripe Dashboard’s rules engine allows entrepreneurs to customize and localize the payment methods displayed at checkout, based on transaction size, currency, or buyer location.

    Stripe Connect+ also enables innovative cryptocurrency payments in USDC for ThriveCart Pro+ users. Cryptocurrency payments are proven to uplift sales by 7% on average.

    ThriveCart Pro+

    The following Pro+ features are now available, built on Stripe Connect+:

    • Multiple Order Bumps that target potential customers at checkout, proven to increase sales by an average of 19% (AOV)
    • Tax-Inclusive Pricing, shown to reduce cart abandonment and uplift global sales volume by 22%
    • QR Code Checkout, enabling seamless sales during webinars, virtual and in-person events
    • Recurring Revenue Upgrades, to streamline subscription management
    • UTM Tracking for accurate lead attribution and ROI/ROAS analysis
    • Product and Sales Business Intelligence (B.I.) Reporting with advanced filters. Access detailed performance insights measure the performance of subscriptions, coupons, funnels, and more.
    • Bulk Invoice Downloads and filters to make tax reporting less taxing

    ThriveCart will release further, powerful Stripe Connect+ and Pro+ features later this year on the upgraded platform..

    About Thrivecart
    ThriveCart is the leading sales platform for digital course creators, coaches, entrepreneurs, and online businesses looking to boost revenue, drive conversions, and scale audiences. ThriveCart powers over 60,000 businesses that have generated over $5 billion in lifetime sales.
    Contact: Allison Wasz
    Allison@thrivecart.com

    The MIL Network –

  • MIL-OSI: Innventure Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Accelsius and AeroFlexx started generating revenue with expectations to grow in 2025

    Founded fourth company, Refinity, to commercialize cost-effective conversion of mixed plastic wastes to petrochemical feedstocks in collaboration with The Dow Chemical Company

    ORLANDO, Fla., April 11, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced financial results for the quarter and year ended December 31, 2024.

    “2024 was a seminal year for Innventure, highlighted by commercial delivery of product for both Accelsius and AeroFlexx, the October close of our business combination and subsequent public listing, and the launch of our fourth operating company, Refinity, in mid-December.” said Bill Haskell, Innventure’s Chief Executive Officer. “Momentum has continued into 2025 and we expect even more exciting developments throughout the year as we continue our journey as a publicly traded technology commercialization platform.”

    Conference Call and Webcast

    A conference call to discuss these results has been scheduled for 11:00 a.m. ET on April 11, 2025. The event will be webcasted live via Innventure’s investor relations website https://ir.innventure.com/ or via this link.

    Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BIf41bc3411b8f4b8c935d6895015728c1

    After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.

    Innventure will also post a slide presentation to accompany the prepared remarks to its investor relations website https://ir.innventure.com/ shortly before the of the start of the event.

    About Innventure

    Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. As owner-operators, Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.

    Non-GAAP Financial Measures

    We use certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (GAAP) to supplement our consolidated financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how we evaluate our business activities. These measures are integral to our processes for budgeting, managing operations, making strategic decisions, and evaluating our performance.

    Our primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. We define EBITDA as net income before interest, income taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, non-recurring expenses, and other items that are not indicative of our core operating activities. These may include stock-based compensation, acquisition costs, and other financial items. We believe Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into our operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing our current operating results with prior periods and with those of other companies in our industry. It is also used internally for allocating resources efficiently, assessing the economic outcomes of acquisitions and strategic decisions, and evaluating the performance of our management team.

    There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in or cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expenses and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.

    Investors should use caution when comparing our non-GAAP measure to similar metrics used by other companies, as definitions can vary. Adjusted EBITDA should not be considered in isolation or as a substitute for GAAP financial measures.

    In presenting Adjusted EBITDA, we aim to provide investors with an additional tool for assessing the operational performance of our business. It serves as a useful complement to our GAAP results, offering a more comprehensive understanding of our financial health and operational efficiencies.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Innventure’s (the “Company’s”) future financial or operating performance, expectations regarding new contractual arrangements, anticipated product line expansions and product testing and market acceptance, and these statements may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “will,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.

    The forward-looking statements are based on the current assumptions and expectations of future events that are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the Company’s public filings made with the Securities and Exchange Commission and the following: (a) the Company’s and its subsidiaries’ ability to execute on strategies and achieve future financial performance, including their respective future business plans, expansion and acquisition plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and the Company’s and its subsidiaries’ ability to invest in growth initiatives; (b) the implementation, market acceptance and success of the Company’s and its subsidiaries’ business models and growth strategies; (c) the Company’s and its subsidiaries’ future capital requirements and sources and uses of cash; (d) the Company’s access to funds under the Standby Equity Purchase Agreement with YA II PN, Ltd. (“YA”) or the Securities Purchase Agreement and related convertible debentures with YA due to certain conditions, restrictions and limitations set forth therein; (e) certain restrictions and limitations set forth in the Company’s debt instruments, which may impair the Company’s financial and operating flexibility; (f) the Company and its subsidiaries ability to generate liquidity and maintain sufficient capital to operate as anticipated; (g) the Company’s and its subsidiaries’ ability to obtain funding for their operations and future growth and to continue as going concerns; (h) the risk that the technology solutions that the Company and its subsidiaries license or acquire from third parties or develop internally may not function as anticipated or provide the benefits anticipated; (i) developments and projections relating to the Company’s and its subsidiaries’ competitors and industry; (j) the ability of the Company and its subsidiaries to scale the operations of their businesses; (k) the ability of the Company and its subsidiaries to establish substantial commercial sales of their products; (l) the ability of the Company and its subsidiaries to compete against companies with greater capital and other resources or superior technology or products; (m) the Company and its subsidiaries’ ability to meet, and to continue to meet, applicable regulatory requirements for the use of their respective products and the numerous regulatory requirements generally applicable to their businesses; (m) the outcome of any legal proceedings against the Company or its subsidiaries; (o) the Company’s ability to find future opportunities to license or acquire breakthrough technology solutions from multinational corporations or other third parties (“Technology Solutions Provider”) and to satisfy the requirements imposed by or to avoid disagreements with its current and future Technology Solutions Providers; (p) the risk that the launch of new companies distracts the Company’s management from its other subsidiaries and their operations; (q) the risk that the Company may be deemed an investment company under the Investment Company Act, which would impose burdensome compliance requirements and restrictions on its activities; (r) the ability of the Company and its subsidiaries to sufficiently protect their intellectual property rights and to avoid or resolve in a timely and cost-effective manner any disputes that may arise relating to its use of the intellectual property of third parties; (s) the risk of a cyber-attack or a failure of the Company’s or its subsidiaries’ information technology and data security infrastructure; (t) geopolitical risk and changes in applicable laws or regulations; (u) potential adverse effects of other economic, business, and/or competitive factors; (v) operational risks related to the Company and its subsidiaries that have limited or no operating history; and (w) limited liquidity and trading of the Company’s securities.

    Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Media Contact: Laurie Steinberg, Solebury Strategic Communications
    press@innventure.com

    Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
    investorrelations@innventure.com

     
    Innventure, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      December 31, 2024     December 31, 2023
    Assets        
    Cash, cash equivalents and restricted cash $ 11,119       $ 2,575  
    Accounts receivable   283         —  
    Due from related parties   4,536         2,602  
    Inventories   5,178         —  
    Prepaid expenses and other current assets   3,170         487  
    Total Current Assets   24,286         5,664  
    Investments   28,734         14,167  
    Property, plant and equipment, net   1,414         637  
    Intangible assets, net   182,153         —  
    Goodwill   667,936         —  
    Other assets   766         1,096  
    Total Assets $ 905,289       $ 21,564  
    Liabilities and Stockholders’ Deficit        
    Accounts payable $ 3,248       $ 93  
    Accrued employee benefits   9,273         3,779  
    Accrued expenses   2,477         1,009  
    Related party payables   —         347  
    Related party notes payable – current   14,000         1,000  
    Notes payable – current   625         912  
    Patent installment payable – current   1,225         775  
    Obligation to issue equity   4,158         —  
    Warrant liability   34,023         —  
    Other current liabilities   318         253  
    Total Current Liabilities   69,347         8,168  
    Notes payable, net of current portion   13,654         999  
    Convertible promissory note, net   —         1,120  
    Convertible promissory note due to related party, net   —         3,381  
    Embedded derivative liability   —         1,994  
    Earnout liability   14,752         —  
    Stock-based compensation liability   1,160         —  
    Patent installment payable, net of current   12,375         13,075  
    Deferred income taxes   27,893         —  
    Other liabilities   355         683  
    Total Liabilities   139,536         29,420  
    Commitments and Contingencies (Note 19)        
    Mezzanine Capital        
    Redeemable Class I Units, no par value, 1,000,000 units authorized, issued and outstanding as of December 31, 2023   —         2,912  
    Redeemable Class PCTA Units, no par value, 3,982,675 units authorized, issued and outstanding as of December 31, 2023   —         7,718  
    Stockholders’ Equity / Unitholders’ Deficit        
    Class B Preferred Units, no par value, 4,639,557 units authorized, and 4,109,961 units issued and outstanding as of December 31, 2023   —         38,122  
    Class B-1 Preferred Units, no par value, 2,600,000 units authorized, and 342,608 units issued and outstanding as of December 31, 2023   —         3,323  
    Class A Units, no par value, 10,975,000 units authorized, and 10,875,000 units issued and outstanding as of December 31, 2023   —         1,950  
    Class C Units, no par value, 1,585,125 units authorized, and 1,570,125 units issued and outstanding as of December 31, 2023   —         844  
    Preferred Stock, $0.0001 par value, 25,000,000 shares authorized, and 1,102,000 shares issued and outstanding as of December 31, 2024   —         —  
    Common Stock, $0.0001 par value, 250,000,000 shares authorized, and 44,597,154 shares issued and outstanding as of December 31, 2024   4         —  
    Additional paid-in capital   502,865         —  
    Accumulated other comprehensive gain (loss)   909         —  
    Accumulated deficit   (78,802 )       (64,284 )
    Total Innventure, Inc., Stockholders’ Equity/ Innventure LLC Unitholders’ Deficit   424,976         (20,045 )
    Non-controlling interest   340,777         1,559  
    Total Stockholders’ Equity/ Unitholders’ Deficit   765,753         (18,486 )
    Total Liabilities, Mezzanine Capital and Equity $ 905,289       $ 21,564  

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Consolidated Statements of Operations and Comprehensive Income (Loss)

    (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      October 2, 2024
    through
    December 31, 2024    		     January 1, 2024
    through
    October 1, 2024    		   Year ended
    December 31, 2023
    Revenue $ 456       $ 764     $ 1,117  
                 
    Operating Expenses            
    Cost of sales   3,752         777       —  
    General and administrative   29,652         26,608       17,589  
    Sales and marketing   2,009         4,178       3,205  
    Research and development   5,340         5,978       4,001  
    Total Operating Expenses   40,753         37,541       24,795  
                 
    Loss from Operations   (40,297 )       (36,777 )     (23,678 )
                 
    Non-operating (Expense) and Income            
    Interest expense, net   (1,132 )       (1,300 )     (1,224 )
    Net gain (loss) from investments   —         11,547       (6,448 )
    Net (loss) gain on investments – due to related parties   —         (468 )     232  
    Change in fair value of financial liabilities   (20,946 )       (478 )     766  
    Equity method investment (loss) income   (902 )       893       (632 )
    Loss on conversion of promissory notes   —         (1,119 )     —  
    Write-off of loan commitment fee asset   (10,041 )       —       —  
    Miscellaneous other expense   (57 )       (64 )     —  
    Total Non-operating (Expense) Income   (33,078 )       9,011       (7,306 )
    Loss before Income Taxes   (73,375 )       (27,766 )     (30,984 )
    Income tax expense (benefit)   (2,742 )       432       —  
    Net Loss   (70,633 )       (28,198 )     (30,984 )
    Less: net loss attributable to            
    Non-redeemable non-controlling interest   (8,339 )       (11,762 )     (139 )
    Net Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders   (62,294 )       (16,436 )     (30,845 )
                 
    Basic and diluted loss per share $ (1.42 )          
    Basic and diluted weighted average common shares   43,951,279            
                 
    Other comprehensive income, net of taxes:            
    Unrealized gain on available-for-sale debt securities – related party   909         62       —  
    Total other comprehensive loss, net of taxes   909         62       —  
                 
    Total comprehensive loss, net of taxes   (69,724 )       (28,136 )     (30,984 )
    Less: comprehensive income attributable to            
    Non-redeemable non-controlling interest   (8,339 )       (11,762 )     (139 )
    Net Comprehensive Loss Attributable to Innventure, Inc. Stockholders / Innventure LLC Unitholders $ (61,385 )     $ (16,374 )   $ (30,845 )
                 

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Consolidated Statements of Changes in Mezzanine Capital (Predecessor)

    (in thousands, except share and per share amounts)
     
      Class I Amount   Class PCTA Amount   Total
    December 31, 2022 $ 2,984     $ 12,882     $ 15,866  
    Proceeds from capital calls to unitholders   130       —       130  
    Accretion of redeemable units to redemption value   (202 )     (5,164 )     (5,366 )
    December 31, 2023   2,912       7,718       10,630  
    Accretion of redeemable units to redemption value   1,565       10,385       11,950  
    October 1, 2024 $ 4,477     $ 18,103     $ 22,580  
     

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Consolidated Statements of Changes in Stockholders’ Equity

    (in thousands, except share and per share amounts)
     
      Class B
    Preferred    		   Class B-1
    Preferred    		   Class A   Class C   Accumulated
    Deficit    		   Accumulated
    OCI    		   Non-Controlling Interest   Total Unitholders’ Deficit
    December 31, 2022 (Predecessor) $ 20,803     $ 3,323     $ 1,950     $ 639     $ (38,564 )   $ —     $ 656     $ (11,193 )
    Net loss   —       —       —       —       (30,845 )     —       (139 )     (30,984 )
    Non-controlling interest acquired   —       —       —       —       —       —       337       337  
    Issuance of units, net of issuance costs   17,319       —       —       —       —       —       —       17,319  
    Unit-based compensation   —       —       —       205       —       —       705       910  
    Distributions to unitholders   —       —       —       —       (241 )     —       —       (241 )
    Accretion of redeemable units to redemption value   —       —       —       —       5,366       —       —       5,366  
    December 31, 2023 (Predecessor)   38,122       3,323       1,950       844       (64,284 )     —       1,559       (18,486 )
    Net loss   —       —       —       —       (16,436 )     —       (11,762 )     (28,198 )
    Other comprehensive loss, net of taxes   —       —       —       —       —       62       —       62  
    Units issued to non-controlling interest   —       —       —       —       —       —       13,921       13,921  
    Issuance of units, net of issuance costs   13,561       —       —       —       —       —       —       13,561  
    Unit-based compensation   —       —       —       137       —       —       919       1,056  
    Issuance of units to non-controlling interest in exchange of convertible promissory notes   —       —       —       —       —       —       8,443       8,443  
    Accretion of redeemable units to redemption value   —       —       —       —       (11,950 )     —       —       (11,950 )
    October 1, 2024 (Predecessor) $ 51,683     $ 3,323     $ 1,950     $ 981     $ (92,670 )   $ 62     $ 13,080     $ (21,591 )
     

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Consolidated Statements of Changes in Stockholders’ Equity

    (in thousands, except share and per share amounts)
     
      Series B Preferred Stock   Common Stock                    
      Shares    Amount    Shares   Amount   Additional Paid-In Capital   Accumulated
    Deficit    		   Accumulated
    OCI    		   Non-Controlling Interest   Total Stockholders’ Equity
    October 2, 2024 (Successor) —     $ —       —   $ —     $ 11,342     $ (15,845 )   $ —     $ —     $ (4,503 )
    Effect of acquisition of Innventure LLC —       —       43,589,850     4       461,064       —       —       343,030       804,098  
    Reclassification of warrants from liability to equity —       —       —     —       1,265       —       —       —       1,265  
    Issuance of common shares, net of issuance costs —       —       160,000     —       2,083       —       —       —       2,083  
    Issuance of preferred shares, net of issuance costs 1,102,000       —       —     —       9,965       —       —       —       9,965  
    Issuance of common shares from warrant exercises —       —       259,309     —       2,982       —       —       —       2,982  
    Net loss —       —       —     —       —       (62,294 )     —       (8,339 )     (70,633 )
    Other comprehensive gain, net of taxes —       —       —     —       —       —       909       —       909  
    Non-controlling interest acquired —       —       —     —       —       —       —       4,129       4,129  
    Distributions to Stockholders —       —       —     —       —       (663 )     —       —       (663 )
    Vesting of contingent at risk sponsor shares —       —       587,995     —       —       —       —       —       —  
    Stock-based compensation —       —       —     —       14,381       —       —       1,957       16,338  
    Accrued preferred dividends —       —       —     —       (217 )     —       —       —       (217 )
    December 31, 2024 (Successor) 1,102,000     $ —       44,597,154   $ 4     $ 502,865     $ (78,802 )   $ 909     $ 340,777     $ 765,753  
     

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Consolidated Statements of Cash Flows

    (in thousands, except share and per share amounts)
     
      Successor     Predecessor
      October 2, 2024
    through
    December 31, 2024    		     January 1, 2024
    through
    October 1, 2024    		   Year ended
    December 31, 2023
    Cash Flows Used in Operating Activities            
    Net loss $ (70,633 )     $ (28,198 )   $ (30,984 )
    Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities:            
    Stock-based compensation   16,338         1,056       910  
    Interest income on debt securities – related party   (106 )       (110 )     —  
    Change in fair value of financial liabilities   20,946         478       (766 )
    Change in fair value of payables due to related parties   —         468       (232 )
    Write-off of loan commitment fee asset   10,041         —       —  
    Non-cash interest expense on notes payable   248         351       487  
    Net (gain) loss on investments   —         (11,547 )     6,448  
    Equity method investment gain (loss)   902         (893 )     632  
    Loss on conversion of promissory notes   —         1,119       —  
    Deferred income taxes   (2,760 )       432       —  
    Depreciation and amortization   5,455         146       8  
    Payment of patent installment   —         (250 )     —  
    Non-cash rent costs   63         185       192  
    Accrued unpaid interest on note payable   69         930       —  
    Changes in operating assets and liabilities:            
    Accounts receivable   (166 )       (117 )     —  
    Prepaid expenses and other current assets   (1,301 )       (1,353 )     (218 )
    Inventory   (2,354 )       (2,824 )     —  
    Accounts payable   (11,211 )       6,013       9  
    Accrued employee benefits   1,656         3,838       3,181  
    Accrued expenses   (484 )       674       1,230  
    Stock-based compensation liability   1,160         —       —  
    Other current liabilities   (77 )       (146 )     (155 )
    Obligation to issue equity   3,000         10,920       —  
    Other assets   —         (20 )     (218 )
    Net Cash Used in Operating Activities   (29,214 )       (18,848 )     (19,476 )
                 
    Cash Flows Provided by (Used in) Investing Activities            
    Purchase of shares in equity method investee   —         —       (2,000 )
    Contributions to equity method investee   —         —       (130 )
    Investment in debt securities – equity method investee   —         (7,400 )     (2,600 )
    Advances to equity method investee   (4,240 )       (135 )     —  
    Acquisition of property, plant and equipment   (266 )       (736 )     (645 )
    Acquisition of intangible assets   (30 )       —       —  
    Acquisition of net assets, net of cash acquired, through business combination   16         —       —  
    Proceeds from sale of investments   —         2,314       708  
    Cash withdrawn from trust as a result of business combination   11,342         —       —  
    Net Cash Provided by (Used in) Investing Activities   6,822         (5,957 )     (4,667 )
                 
    Cash Flows Provided by Financing Activities            
    Proceeds from issuance of equity, net of issuance costs   15,383         13,122       16,009  
    Proceeds from the issuance of equity to non-controlling interest, net of issuance costs   4,169         13,859       337  
    Proceeds from the issuance of convertible promissory note   —         —       2,000  
    Proceeds from issuance of debt securities, net of issuance costs   19,455         —       —  
    Payment of debts   (250 )       (540 )     (65 )
    Receipt of Capital from Class I Unitholder   —         —       130  
    Distributions to Stockholders   (663 )       —       (241 )
    Proceeds from the issuance of promissory notes to related parties   —         12,000       1,004  
    Repayment of promissory note   (4,628 )       —       —  
    Cash Flows Provided by Financing Activities   33,466         38,441       19,174  
                 
    Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   11,074         13,636       (4,969 )
    Cash, Cash Equivalents and Restricted Cash Beginning of period   45         2,575       7,544  
    Cash, Cash Equivalents and Restricted Cash End of period $ 11,119       $ 16,211     $ 2,575  
                 

    See accompanying notes to consolidated financial statements.

      Successor     Predecessor
      October 2, 2024
    through
    December 31, 2024    		     January 1, 2024
    through
    October 1, 2024    		   Year ended
    December 31, 2023
    Supplemental Cash Flow Information            
    Cash paid for interest $ 991       $ 1,070     $ 297  
    Supplemental Disclosure of Noncash Financing Information            
    Accretion of redeemable units to redemption value   —         11,950       5,366  
    Debt discount and embedded derivative upon issuance   —         —       1,119  
    Issuance of units to non-controlling interest in exchange of convertible promissory notes   —         7,324       —  
    Conversion of working capital loans to equity method investees into investments in debt securities – related party   —         2,600       —  
    Transfer of liability warrants to equity warrants in the Business Combination   1,265         —       —  
    Initial recognition of loan commitment fee   16,190         —       —  
    Transfer of loan commitment fee asset   6,694         —       —  
     

    See accompanying notes to consolidated financial statements.

     
    Innventure, Inc. and Subsidiaries

    Non-GAAP Financial Measures

    (in thousands, except share and per share amounts)
     
      Successor   Predecessor   S/P Combined (Non-GAAP)   Predecessor
      Period from October 2, 2024 through December 31, 2024   Period from January 1, 2024 through October 1, 2024   Year ended
    December 31, 2024    		   Year ended
    December 31, 2023
    Net Loss (70,633 )     (28,198 )     (98,831 )     (30,984 )
    Interest expense, net(1) 11,173       1,300       12,473       1,224  
    Depreciation and amortization expense 5,455       146       5,601       8  
    Provision for income taxes 2,742       (432 )     2,310       —  
    EBITDA (51,263 )     (27,184 )     (78,447 )     (29,752 )
    Transaction and other related costs(2) 2,309       9,414       11,723       3,452  
    Change in fair value of financial liabilities(3) 20,946       478       21,424       (766 )
    Stock based compensation(4) 16,338       1,056       17,394       910  
    Adjusted EBITDA (11,670 )     (16,236 )     (27,906 )     (26,156 )
     

    (1) Interest expense, net – For the combined twelve months ended December 31, 2024, interest expense, net includes interest incurred on our various borrowing facilities and the amortization of debt issuance costs. Additional debt issuance cost associated with a loan commitment fee asset in the amount of $10,041 was written off in combined twelve months ended December 31, 2024 and has also been included in this adjustment. This amount is representative of the asset associated with the second and third tranches of the WTI facility. When it became known that we would not be able to draw on these subsequent tranches based on certain metrics contained within the WTI Facility agreement, we immediately wrote this asset off. For the Predecessor year ended December 31, 2023, this balance is comprised entirely of interest incurred on our various borrowing facilities.
    (2) Transaction and other related costs – For the combined twelve months ended December 31, 2024 and for the Predecessor year ended December 31, 2023 this is comprised entirely of consulting, legal, and other professional fees related to the business combination with Learn CW Investment Corporation (the “Business Combination”).
    (3) Change in fair value of financial liabilities – For the combined twelve months ended December 31, 2024 the change in fair value of financial liabilities primarily consists of the change in fair value of the warrant liability, change in fair value of the earnout liability, and the change in the fair value of the embedded derivative associated with convertible notes prior to extinguishment. For the Predecessor year ended December 31, 2023, this is comprised entirely of the change in fair value of the embedded derivative associated with the convertible notes.
    (4) Stock based compensation – For the combined twelve months ended December 31, 2024 stock based compensation primarily consisted of awards in the 2024 Equity and Incentive Plan entered into on October 2, 2024 subsequent to the Business Combination. These awards consisted of Stock Options, Restricted Stock Units, and Stock Appreciation Rights. Further, a portion of this expense was related to share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries. For the Predecessor year ended December 31, 2023, stock based compensation was comprised wholly of share based payment employee incentive plans in existence at Innventure LLC and other subsidiaries.

    The MIL Network –

  • MIL-OSI USA: Blooming British Isles

    Source: NASA

    Waters off the British Isles sprang to life with colorful swirls in early April 2025. The phenomenon commonly occurs in these North Atlantic waters in spring, but the view from orbit demands the cooperation of clouds.
    Clouds stayed well offshore across the archipelago on April 7, 2025. That afternoon, the VIIRS (Visible Infrared Imaging Radiometer Suite) on the Suomi NPP satellite passed over the region and captured this striking image of the waters around the United Kingdom and Ireland.
    Some of the colorful swirls, especially those close to shore, are likely due to sediment and other materials suspended in the water. Sediments are carried to sea by large rivers such as the Severn and get churned up from the seafloor by strong currents and waves. Satellite-based research has shown that in the Irish Sea, these mineral particles can exhibit complex spatial and seasonal patterns.
    By spring, though, it’s likely that some of the colorful appearance across the region’s waters is due to phytoplankton—tiny plant-like organisms floating in the ocean. Under the right conditions, their populations explode into “blooms” that can span thousands of square kilometers of the ocean’s surface, making them visible from space. In this scene, the bloom in the North Sea appears to stretch several hundred kilometers offshore. The milkier, lighter-colored waters usually indicate the presence of coccolithophores, while greener areas often consist of diatoms.
    Like elsewhere in the world’s oceans, phytoplankton around the British Isles feed the copepods and other plankton and fish that become food for even larger marine animals. However, a 2023 study of phytoplankton in the northeastern Atlantic Ocean showed that many of the region’s phytoplankton communities are changing—increasing in the North Sea but generally decreasing farther offshore—with possible implications for the food web.
    NASA Earth Observatory image by Wanmei Liang, using VIIRS data from NASA EOSDIS LANCE, GIBS/Worldview, and the Suomi National Polar-orbiting Partnership. Story by Kathryn Hansen.

    MIL OSI USA News –

  • MIL-OSI Security: Arms traffickers arrested in international operation

    Source: Eurojust

    Cooperation between authorities from France, Slovenia, Spain and Bosnia and Herzegovina, with the support from Eurojust and Europol, has resulted in the dismantling of an arms traffickers group. Actions taking place simultaneously in France, Spain and Bosnia and Herzegovina led to the arrest of seven members of the criminal group.

    Investigations into the group started when authorities found a large number of weapons, ammunition and grenades. Further investigations in the group led to suspicions that some members of the group resided in France. Authorities found out that the criminal group trafficked large numbers of weapons that they bought on illegal marketplaces in Bosnia and Herzegovina to smuggle them into France. 

    Authorities started to work together through Eurojust to stop the criminal group and arrest its members. Eurojust ensured that European Arrest Warrants and European Investigation Orders were prepared ahead of the coordinated operation. Europol supported the investigation from the outset, delivering operational analysis to the cases in the involved countries, coordinating international cooperation by organising operational meetings, and deploying officers to France and Spain for the action day.

    A coordinated operation to take down the group started on 18 March. The cooperation between authorities led to the arrest of seven members of the criminal group, four in France, one in Spain and two in Bosnia and Herzegovina. Searches were carried out in Spain and Bosnia and Herzegovina to collect information and evidence on the group’s activities. Bosnian authorities are actively searching for the main target. 

    The following authorities carried out the operations:

    • France: JIRS Paris (Interregional Specialised Jurisdiction); OCLCO (National Police Office against organised crime)
    • Slovenia: District State Prosecutor’s Office in Kranj; Police Directorate Kranj
    • Spain: PPO Audiencia Nacional; Central Investigating Court num 5 at Audiencia Nacional; Guardia Civil
    • Bosnia and Herzegovina: The Prosecutor’s Office of Bosnia and Herzegovina; Border Police of Bosnia and Herzegovina; Ministry of Interior Affaires – Republic of Srpska (part of the investigation before the operation) 

    MIL Security OSI –

  • MIL-OSI Asia-Pac: SECRETARY, MINISTRY OF MINORITY AFFAIRS VISITS MADINAH TO REVIEW PREPARATIONS MADE FOR INDIAN PILGRIMS

    Source: Government of India

    SECRETARY, MINISTRY OF MINORITY AFFAIRS VISITS MADINAH TO REVIEW PREPARATIONS MADE FOR INDIAN PILGRIMS

    SECRETARY MEETS SAUDI VICE MINISTER OF HAJ AND UMRAH

    Posted On: 10 APR 2025 9:15PM by PIB Delhi

    Secretary of the Ministry of Minority Affairs Dr. Chandra Shekhar Kumar, visited the city of Madinah to review Haj arrangements for Indian pilgrims who will undertake the pilgrimage this year.

    Dr. Kumar also had a meeting with Dr. Abdul Fattah Al Mashat, Hon’ble Vice Minister of Haj & Umrah, Saudi Arabia in Jeddah. Productive bilateral discussions were held in the meeting regarding preparations for Haj this year.

    The Saudi side assured full support for the care and comfort of Indian pilgrims.

    In a post on ‘X’, of the Ministry of Minority Affairs it was stated that “The Government of India remains committed to ensuring the safety, comfort, and well-being of all Hajis.”

     

     

    *****

     

    SS/ STK

    (Release ID: 2120893) Visitor Counter : 31

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: New site for economic growth shaping up nicely!

    Source: City of Plymouth

    The steel frames for the first purpose-built commercial units within the Plymouth and South Devon Freeport are now up and work is powering ahead on the site that is destined to be home to high growth industries.

    The Council is delivering four units on a plot in Beaumont Way, Langage – one of three Freeport tax sites as part of the region’s continuing success story in the marine, defence, space, advanced manufacturing, engineering and clean energy sectors.

    Devon Contractors, who have only been on site since December, are cracking on with the task to build the units which range in size from 750 square metres to just over 2,000 sqm.

    These pictures show how far the work has come, with the roof cladding finished for three of the four units as well as creating the first internal floor within all units. External drainage work is almost complete and internal drainage progressing well.

    The units will have workshop/production space inside with fully fitted offices at ground and first floor level (with lift access) and welfare facilities, including showers.

    Each will have its own dedicated service yard, parking and EV charging pod and the units will be highly sustainable and incorporate technology to minimise carbon emissions and running costs, including solar photo-voltaic panels, increased levels of insulation, higher levels of natural daylight and ventilation and highly efficient heating systems. The units are being designed and built to BREEAM Excellent standards and Net Zero status.

    Plymouth City Council Leader Tudor Evans said: “It’s great to see so much progress on this important site and it’s great to know that we are already getting a significant amount of enquiries from interested companies. They must be the right fit for the Freeport, but the signs are really encouraging!”

    The development has been made possible thanks to a £4 million Freeport seed capital funding, match funded by Plymouth City Council. Once complete, it is expected to support around 138 full time jobs and associated long term spin off benefits, not to mention the construction and supply chain employment during the build period.

    Devon Contractors are on target to finish the scheme in time for units to be ready to move into by Autumn 2025.

    Nigel Whelan, Managing Director of Devon Contractors, said: “We’re making excellent progress on site at Langage and its a testament to the collaborative spirit across the board.

    “Our supply chain, consultants, suppliers and the client team have all come together as one, working seamlessly to drive the project forward. This level of co-operation is what allows us to maintain momentum and deliver with confidence. We’re particularly excited to be launching our work placements schools projects next month – a great opportunity to engage the next generation and share in the future of construction.”

    The Langage Tax Site is the largest of three tax sites for the Freeport and is on the edge of the existing Langage Business Park. It is strategically significant as it provides the space and opportunities to support sector growth plans and economic specialisation, underpinning the Freeport’s trade and investment objectives.

    Eligible businesses that are part of the Freeport can take advantage of a range of tax and customs benefits and incentives to support growth, innovation and investment in the South West, including business rates relief, employer National Insurance contributions rate relief, stamp duty land tax relief, capital allowances, VAT and tariff benefits and simplified import procedures.

    As this site is part of the Freeport designated tax site, eligible tenants must specialise in either marine, defence, space, advanced manufacturing, engineering or clean energy.

    Interested parties should contact [email protected] or information about the Freeport contact [email protected]

    www.plymouth.gov.uk/langage-south-beaumont-way

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £450M surge of military support to boost Ukraine’s Armed Forces as UK and Germany chair meeting of 50 nations

    Source: United Kingdom – Government Statements

    Press release

    £450M surge of military support to boost Ukraine’s Armed Forces as UK and Germany chair meeting of 50 nations

    Package will support UK jobs and growth, with equipment and repair contracts connecting UK companies with Ukrainian industry

    The UK is surging rapid military support to Ukraine to put them in the strongest position to secure a lasting peace as partners meet in Brussels for the 27th Ukraine Defence Contact Group, chaired by the UK and Germany.

    The security of the UK and Europe starts in Ukraine, and a major new military support package will be delivered by British and Ukrainian suppliers to help boost Ukraine’s Armed Forces as they continue to defend against Russian attack. As chair of the meeting, the UK has secured ambitious pledges for Ukraine from donor countries.

    Today’s package, worth £450 million, includes £350 million from the UK from this year’s record £4.5 billion military support funding for Ukraine. Further funding is being provided by Norway, via the UK-led International Fund for Ukraine.

    The support package will be announced by Defence Secretary John Healey when he chairs the contact group alongside German Defence Minister Boris Pistorius later today, where 50 nations will come together to coordinate urgent military support for Ukraine.

    It will include £160 million of UK funding to provide repairs and maintenance to vehicles and equipment the UK has already provided to Ukraine – partnering UK companies with Ukrainian industry, supporting the UK economy and skilled jobs.

    Today’s support also includes a new ‘close fight’ military aid package – with funding for radar systems, anti-tank mines and hundreds of thousands of drones – worth more than £250 million, using funding from the UK and Norway. The package builds on the work of the drone capability coalition, led by the UK and Latvia.

    This will include high manoeuvrable first-person view (FPV) drones to attack targets, and drones which can drop explosives on Russian positions. These two types of drones are reported to be responsible for 60-70% of damage currently caused to Russian equipment.

    The new kit will be procured from a mixture of UK and Ukrainian suppliers, demonstrating how investment into Ukraine’s defence supports jobs and the economies of both the UK and Ukraine.

    The £160 million package for equipment repairs and maintenance will ensure vital armoured vehicles and other equipment can get back to the battlefield as quickly as possible. It will be implemented through the UK’s Taskforce HIRST, linking UK and Ukrainian companies to ensure repairs can be conducted in country to ensure that vital equipment is returned to the frontline as quickly as possible.

    The support provides opportunities for British companies to learn lessons from the battlefield and support the UK’s own industrial capabilities, an example of the UK-Ukraine 100-year partnership announced by the Prime Minister in action.

    Addressing the contact group, Defence Secretary John Healey MP will say:

    The work of the Ukraine Defence Contact Group is vital to put Ukraine in the strongest possible position and pile pressure on Putin to help force him to end this terrible war.

    We cannot jeopardise peace by forgetting the war, which is why today’s major package will surge support to Ukraine’s frontline fight.

    2025 is the critical year for Ukraine. Our job as defence ministers is to put into the hands of the Ukrainian war fighters what they need. We must step up to deter Russian aggression by continuing to bolster Ukraine’s defences.

    Yesterday, [Thursday] the Defence Secretary and his French counterpart, Minister Lecornu, chaired the first meeting of Coalition of the Willing defence ministers, bringing together 30 countries to progress planning for a reassurance force to support a lasting peace in Ukraine.

    The meeting followed a series of high-level meetings of leaders and defence chiefs in the last month to move forward with operational planning.

    This work delivers on the Prime Minister’s four-point plan to support Ukraine by ramping up delivery of weapons and equipment, boosting Ukraine’s defensive capabilities in the long term, working with allies to develop robust security assurances, and keeping up pressure on Putin.

    The UK is fully committed to working with allies to step up support to ensure Ukraine remains in the strongest possible position, which is why £4.5 billion of military support will be provided this year – more than ever before.

    As well as demonstrating leadership through the Ukraine Defence Contact Group and Coalition of the Willing, the UK is also contributing heavily to NATO’s Security Assistance and Training for Ukraine (NSATU) Command, which is coordinating further support for Ukraine in the form of training and providing more capabilities. Through the International Fund for Ukraine, the UK will manage the NSATU Trust Fund for rapid procurement – which Canada, Denmark and Iceland have already pledged funding towards, to meet Ukraine’s urgent equipment support and logistical needs.

    Updates to this page

    Published 11 April 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI: Trifork secures landmark project to transform Oman’s healthcare system

    Source: GlobeNewswire (MIL-OSI)

    Press release

    Trifork secures landmark project to transform Oman’s healthcare system

    Muscat, 11 April 2025 – The Ministry of Health in Oman has selected Trifork to develop a state-of-the-art Revenue Cycle Management (RCM) system while integrating with the National Health Information Exchange (NHER), which in parallel will be upgraded by Trifork during the project. This project represents a significant milestone in modernizing Oman’s healthcare system in alignment with Oman Vision 2040.

    After a competitive bidding process involving six contenders, Trifork was selected for its more than 20 years of expertise in Digital Health, which has been demonstrated through successful projects in Switzerland and Denmark and its strong international profile.

    Strengthening Oman’s healthcare system

    The project aims to upgrade Oman’s healthcare systems. The benefits of the new system include improved cost recovery, allowing government providers to reclaim insurance companies’ expenses more efficiently, faster claims processing, and reduced waiting times for patients at Ministry of Health facilities, which are key steps toward a more patient-focused healthcare experience.

    Key phases and deliverables

    The project is structured into phases, with gradual implementation over two years. The initial proof of concept will be completed in six months, followed by a gradual implementation of core functionalities, ensuring that the benefits of the solutions are implemented as soon as possible.

    These milestones align with the Ministry of Health’s digitalization strategy, which focuses on enhancing healthcare efficiency, data-driven decision-making, and seamless patient care through advanced technology. They also support Oman Vision 2040’s broader goals of leveraging digital transformation to improve public services, strengthen healthcare infrastructure, and drive sustainable national development.

    Strategic partnership

    Trifork Oman brings invaluable expertise from similar engagements across Europe to the project. By integrating advanced solutions and leveraging global best practices, the company will deliver a tailored system that meets the unique needs of Oman’s healthcare ecosystem.

    The Ministry of Health in Oman oversees 263 health institutions, including 50 hospitals (4,954 beds), 21 health complexes, and 192 health centers. In 2022, they recorded 14.9 million outpatient visits – about 41,000 daily. Serving over 5 million people, the ministry prioritizes accessible, high-quality care and advances digital transformation under Oman’s Vision 2040.

    Commitment to innovation in Oman

    “This contract represents a major milestone for Trifork Oman in our ambition to contribute to the Sultanate’s goals for digital transformation and innovation. We are honored to use our strong expertise in digital health to contribute to the ongoing innovation in Oman’s healthcare sector and see this as the start of a long partnership,” says Christian Hemmingsen, CEO of Trifork Oman.

    Investor and media contact

    Frederik Svanholm
    Group Investment Director, Head of IR & PR
    frsv@trifork.com, +41 79 357 7317


    About Trifork

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Golden votes against reckless, deficit-funded GOP budget resolution

    Source: United States House of Representatives – Congressman Jared Golden (ME-02)

    House-Senate ‘compromise’ contains health care cuts, lopsided tax breaks for the wealthy and trillions in new debt

    WASHINGTON — Congressman Jared Golden (ME-02) voted today against the Senate Amendment to H. Con. Res. 14 — a compromise budget resolution for Fiscal Year 2025. 

    “You can’t build a good house with rotten wood. This compromise combines the House GOP’s plan to cut health care to pay for millionaires’ tax cuts with a Senate GOP plan to explode the deficit and enshrine accounting gimmicks that set a new low for fiscal instability. I see no way that combining these two bad plans will somehow yield a good one through the reconciliation process,” Golden said. 

    “There’s a better way forward: Congress could target tax cuts to working families, paid for by allowing the expiration of tax cuts for the very wealthy. We don’t need to take away anyone’s health care or pass trillions in new deficit spending to pass a budget that puts the middle class first,” Golden said.

    The proposal on the floor today was a Senate amendment to the GOP budget resolution adopted by the House in February. As amended, the plan:

    • allows for roughly $5.3 trillion in deficit-financed tax cuts, including $3.8 trillion to extend the 2017 Tax Cuts and Jobs Act (TCJA), which disproportionately benefitted the wealthy;
    • uses an accounting gimmick known as the “current policy baseline” to artificially reduce the legislation’s price tag;
    • instructions for the House Energy and Commerce Committee to cut $880 billion in spending — a target that will be impossible to reach without hundreds of billions in Medicaid cuts, according to the nonpartisan Congressional Budget Office.
    • a $5 trillion debt limit increase; and
    • more than $7 trillion in new debt, in total, over the next decade. 

    The elements of the House-Senate compromise budget resolution are stacked against working families: Roughly half the benefit of extending the full 2017 tax package would go to households with annual income over $450,000. The Treasury Department found that the plan would give an average annual tax break of more than $32,000 for those in the top 1 percent, while working families will only get a few hundred dollars in tax cuts per year.

    Cuts to Medicaid would hurt families in the 2nd Congressional District. Medicaid provides health coverage to 236,000 people in CD2 — more than one-third of the population — according to KFF.

    The national debt is currently roughly $29 trillion. Interest on the debt costs the federal government more every year than on national defense or Medicare. It is second only to Social Security as an annual line item in the federal budget.

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    MIL OSI USA News –

  • MIL-OSI USA: 04.10.2025 Sen. Cruz Applauds Signing of Cryptocurrency Resolution into Law

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    Published: 04.10.2025
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) released a statement following President Trump signing his Congressional Review Act (CRA) resolution regarding Decentralized Finance (DeFi). This resolution overturns an Internal Revenue Service (IRS) rule on cryptocurrency that would have defined certain developers as “brokers” for reporting and taxation. 
    Upon the CRA being signed into law, Sen. Cruz said, “This rule would have undermined American leadership on cryptocurrency and I am grateful to President Trump for signing my resolution into law. The resolution is a victory for innovation, privacy, and economic freedom. We are protecting the developers who are building the future of cryptocurrency, making clear that the United States will not cede digital leadership to China, and preserving the ability of Americans to conduct transactions without government interference.”
    Sen. Cruz is the leader in the U.S. Senate on advancing cryptocurrency.
    Sen. Cruz introduced the Facilitate Lower Atmospheric Released Emissions (FLARE) Act, incentivizing entrepreneurs and crypto miners to use natural gas that would otherwise be stranded.
    Sen. Cruz introduced the Anti-CBDC Surveillance State Act, legislation that prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). This bill passed with overwhelming bipartisan support.
    Sen. Cruz previously introduced legislation in 2022 and 2023 to prohibit the Federal Reserve from developing a direct-to-consumer central bank digital currency, which could be used as a financial surveillance tool by the federal government.
    Sen. Cruz authored the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution, also known as the ACCEPT Resolution.
    Sen. Cruz introduced an amendment to repeal a provision from the 2021 infrastructure package that created new reporting requirements for many cryptocurrency and blockchain companies in both the 117th and 118th Congresses.

    MIL OSI USA News –

  • MIL-OSI USA: Baldwin Backs Bills to Cut Taxes for Workers, Families as Republicans Advance Tax Breaks for Big Corporations

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – As Republicans work to pass their tax breaks for big corporations and Wall Street investors, U.S. Senator Tammy Baldwin (D-WI) and her colleagues introduced two bills to cut taxes for Wisconsinites. First, Senator Baldwin introduced the American Family Act, which would give middle-class families up to a $6,360 tax cut by making the enhanced child tax credit permanent. Senator Baldwin also introduced the Tax Cuts for American Workers Act, which would give working Americans without children up to a $1,500 tax cut by bolstering the Earned Income Tax Credit. 
    “President Trump came into office promising to bring down costs for Wisconsin families on Day One. Instead, he’s launched a trade war, raised prices on families, and created economic uncertainty for Wisconsin businesses and farmers,” said Senator Baldwin. “I’m proud to push for these tax cuts that will give Wisconsin workers and families some well-deserved breathing room. While my Republican colleagues decide how much to cut from programs like Medicaid to pay for Wall Street tax breaks, I’m focused on bringing down costs for hardworking Wisconsinites.”
    Today, Senator Baldwin announced she sponsored the following bills to deliver tax relief for working Wisconsinites:
    American Family Act
    The 2021 expansion of the Child Tax Credit (CTC) in the American Rescue Plan Act led to a historic reduction in poverty in the United States, particularly for children. Research showed that child poverty fell immediately and substantially to 5.2%, its lowest level on record. Despite this, Congress allowed the expanded CTC to expire. The poverty rate for children more than doubled to 12.4 percent in 2022.
    The American Family Act would expand the Child Tax Credit (CTC) by:
    Increasing Relief: Increases the value of the CTC from the current level of $2,000 per child to $6,360 for newborns, $4,320 for children ages one through six, and $3,600 for children age six through 17;
    Providing Fix for Low-Income Children: Ends the longstanding, discriminatory policy that reduces the value of the Child Tax Credit for low-income families, ensuring that the families of 17 million low-income children left out of the CTC under current law will receive the same credit as families in the middle class. As of 2023, about 238,000 Wisconsin children, or 20.4 percent of residents 17 and below, are ineligible for full CTC due to family incomes being too low;
    Paying Tax Credit Monthly: Provides for monthly delivery of the credit so families have access to the credit as bills arrive; and
    Ensuring Credit Keeps Up with Inflation: Indexes the CTC for inflation to preserve the value of the credit moving forward.
    Tax Cuts for American Workers Act
    The existing Earned Income Tax Credit (EITC) – the Worker Tax Cut – has been delivering tax relief for millions of workers for decades. An estimated 236,000 workers without children in Wisconsin would benefit from the proposed EITC expansions in 2024. In 2023, over 305,000 Wisconsin workers filed EITC claims, averaging $2,497 per claim.
    The Tax Cuts for American Workers Act would expand EITC by:
    Increasing Support: Triples the maximum EITC benefit for workers without children from roughly $540 to $1,500.
    Including More Working Americans: Raises the income limit from $16,000 to $21,000 for single filers and $22,000 to $27,000 for married filers. The legislation would also extend the credit to both younger and older workers who are currently ineligible for the credit because of their age, including workers from 19 to 24 and 65 and older.
    Supporting Americans in Foster Care: Makes the credit more accessible for adults aging out of the foster youth system.

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: REP. HILL, REP. CAREY, AND SEN. BOOZMAN INTRODUCE LEGISLATION TO GROW EMPLOYEE OWNERSHIP

    Source: United States House of Representatives – Congressman French Hill (AR-02)

    WASHINGTON, D.C. – Yesterday, Rep. French Hill (R-AR) introduced legislation, the S Corporation Additional Participation Act or S-CAP Act, which would increase the maximum threshold for the number of shareholders an S Corporation can offer from 100 to 250. Rep. Mike Carey (R-OH) joined Rep. Hill in introducing the bill in the House, and Sen. John Boozman (R-AR) introduced companion legislation in the Senate.

     

    Rep. Hill said, “As a former community banker, I have a deep appreciation for the importance of S Corporations. They are an invaluable tool that helps workers and small businesses alike. That is why I am pleased to introduce the S-CAP Act, which will expand access to the benefits of S Corps.

    “By increasing equity participation for employees in private companies, S Corps have given more and more families the opportunity to achieve the American Dream. They improve employee retention, motivation, and productivity, and they increase the ability for companies to access capital through diverse sources. S Corps also empower Americans to climb the economic ladder and build generational wealth. This bill will build on the success of S Corps by increasing the number of shareholders they can have. It is a simple change that will have a dramatic positive impact on thousands, if not millions, of hardworking Americans.”

    Sen. Boozman said, “Congress has a duty to shape the tax code with pro-growth policies that spur job creation and capital investment. S Corps are an important element in that framework that also help empower employees with expanded economic opportunity through the enterprise they know and trust most. Congress has adjusted S Corps shareholder caps previously, and our bill is another simple but important tax code reform that will benefit millions of small businesses and the hardworking Americans who drive their success.”

    Rep. Carey said, “S corporations are an economic cornerstone of towns across America. I am proud to partner with my friend Rep. French Hill to support this common-sense legislation, the S-CAP Act, that would raise the S corporation shareholder cap from 100 to 250. This would promote small and mid-sized businesses, allowing them to attract more investments, and ultimately create more jobs for hard-working Americans.”

    Further Background:

    In the United States, S Corporations (S Corps) are the most popular corporate structure. The IRS estimates that there are more than 5 million S Corps throughout the country. Congress created the S Corp structure through subchapter S of the tax code in 1958 to help shield family-owned businesses from the double taxation treatment imposed on C Corporation (“C Corp”).

    When the S Corp structure was established, Congress limited the number of shareholders to 10. Given the pass-through tax treatment, shareholder limitations were designed to create parity between S Corps and C Corps. When S Corps were originally introduced, the 10-shareholder cap made sense for small, family-owned businesses.

    Over time, Congress has recognized the power of S Corps to create jobs, increase wealth, and grow the economy. They also realized that the cap on the number of permitted shareholders hinders the potential of S Corps and have voted to increase the cap multiple times. Most recently, the shareholder cap was raised to 100 through the American Jobs Creation Act of 2004. This expansion allowed for greater investment opportunities, but S Corps are still limited in their ability to attract capital, which restricts their ability to foster economic growth and their contribution to broader economic development.

    In Arkansas’s Second District, 93,440 people (29.2% of all private sector workers) are employed at S Corporations. There are 318, 525 S Corp employees across the entire state (28.1%), and 38,533,460 nationwide (27.4%).

    Other Support:

    “The Subchapter S Bank Association strongly supports Chairman Hill’s legislation proposing to increase the number of shareholders eligible to hold S Corp stock. One-third of community banks in the US maintain an S election, and enactment of this legislation will be critical to meet and expand community bank capital access – allowing America’s 1500 S Corp banks to continue to serve their customers,” said Patrick J. Kennedy, Jr., President, Subchapter S Bank Association and Executive Chairman of TransPecos Banks, SSB.

    “The S corporation shareholder cap is a relic from another age, particularly as it applies to employee owners. The Hill legislation would ensure that S corporations who offer ownership opportunities to their employees are not penalized by this arbitrary cap. We fully support this bill and look forward to working with Representative Hill on seeing it enacted,” said Brian Reardon, President, S Corporation Association.

    “In 1949, my grandfather, Bob Nabholz embarked on a journey to build a house for himself and his wife, setting in motion the start of a construction legacy that has thrived for more than 75 years. Today we have 16 offices in seven states and employ more than 1,700 professionals with an expected 2025 revenue of over $1.8 billion. In 1976, Bob saw the value in offering ownership to key employees and invited the first group of team members to become shareholders. He felt it was important to give employees an opportunity to shape the future of our company and have a personal stake in our long-term success. That tradition continues to this day. Employee ownership has been a cornerstone of our company’s success for nearly 50 years. We are very proud of our employee owners and the impact they have on our company and the communities we live in. The proposed increase in the S Corp shareholder cap will give us the ability to offer many more well-deserving employees the opportunity to become owners of Nabholz Construction. We are grateful to Senator Boozman and Congressman Hill for sponsoring this legislation which will help reward and retain top talent, ensuring the long-term growth and success of our company. We respectfully encourage Congress to pass this legislation,” said Jake

    Nabholz, Chief Executive Officer, Nabholz Construction Corporation.

    This bill is also endorsed by the American Council of Engineering Companies.

    MIL OSI USA News –