On June 28, 2024, the U.S. Supreme Court decided Loper Bright Enterprises v. Raimondo, 603 U.S. 369 (2024) ¹, in a 6-3 opinion authored by Chief Justice John Roberts overturning Chevron, U.S.A. Inc. v. Natural Resources Defense Council, 467 U.S. 837 (1984) ⁴. For four decades, Chevron required courts to defer to a federal agency's reasonable interpretation of an ambiguous statute. Its elimination is one of the most consequential administrative-law decisions in living memory, and the tax bar has spent the eighteen months since trying to understand exactly what it means for Treasury regulations.
For our practice, the answer in early 2026 is: less than feared, but more than hoped. Existing regulations remain in force; Loper Bright did not invalidate Treasury regs en masse. But every aggressive, statute-stretching regulation is now newly vulnerable, and Treasury's pace of new rule-making has measurably slowed.
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