Daily Tax Update - February 28, 2006

February 28, 2006

TAX ISSUES TOP REPUBLICAN STUDY COMMITTEE’S LEGISLATIVE PRIORITIES FOR 2006: Today, the House Republican Study Committee (RSC) released the caucus’ top ten legislative priorities for 2006. The number one item on the list was making the tax cuts permanent, including the repeal of the marriage-tax penalty and the death tax, and passing fundamental tax reform.

  • The Chairman of the caucus, Congressman Mike Pence (R-IN), said, "As the challenging midterm elections approach, House conservatives recognize that you cannot beat a national trend without a national agenda. . . . While this is not an exhaustive list, the fiscal and social policy reforms included in the RSC TOP TEN comprise the nucleus of issues that minted this majority. Acting on the RSC TOP TEN is the best hope for renewing the confidence of the American people in our commitment to fiscal discipline and reform."
  • The list can be accessed here.    

WAYS AND MEANS SUBCOMMITTEE SCHEDULES HEARING ON TAX-PREFERRED BOND FINANCING:
On March 16, the House Ways and Means Subcommittee on Select Revenue will hold a hearing on the use of tax-preferred bond financing.

  • In announcing the hearing, Subcommittee Chairman Dave Camp (R-MI) stated, "In recent years, there has been an expansion of the permitted uses of tax-preferred bond financing.   This hearing provides an opportunity for us to comprehensively review this area to determine how this financing is used today."

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country. The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court. The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them.  Read  more information on Steptoe's tax practice