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Daily Tax Update - November 16, 2007
THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON DECEMBER 4TH.
TECHNICAL CORRECTIONS BILL INTRODUCED: Today, Sen. Max Baucus, Chairman of the Finance Committee, and Sen. Chuck Grassley, Ranking Member, introduced S. 2374, the Tax Technical Corrections Act of 2007. Committee on Ways and Means Chairman Charles Rangel and Ranking Member Jim McCrery introduced an identical measure in the House as H.R. 4195. Written comments should be sent by the close of business on Monday, December 3, 2007.
- The legislation contains technical corrections needed with respect to the Tax Relief and Health Care Act of 2006, Title XII of the Pension Protection Act of 2006 (Provisions Relating to Exempt Organizations), the Tax Increase Prevention and Reconciliation Act of 2005, the Energy Policy Act of 2005, the American Jobs Creation Act of 2004, and other tax legislation.
- A description of the bill can be accessed via: http://www.house.gov/jct/x-109-07.pdf
SENATE VOTE ON AMT WILL WAIT UNTIL DECEMBER: Efforts stalled yesterday in the Senate to act on a one-year AMT patch bill before the two-week Thanksgiving recess. Senate Majority Leader Harry Reid (D-NV) sought unanimous consent to bring up the House-passed $81 billion bill (H.R. 3996) with one Republican amendment. However, Republicans blocked this attempt and wanted to offer an AMT patch and extenders bill without offsets and other amendments.
- House Ways and Means Committee Chairman Charles Rangel (D-NY) was asked yesterday if he would accept a compromise amendment, with offsets for extenders but not for an AMT patch. Rangel said, “I think the [House] leadership position is AMT has to be paid for. I don't know if anything you've told me changes the House position.”
The November edition of Steptoe & Johnson's UK Tax Law Update can be accessed via: http://www.steptoe.com/attachment.html/3243.pdf
TAX BILLS INTRODUCED NOVEMBER 15TH:
H.R.4195: To amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes.
Sponsor: Rep Rangel, Charles B. [NY-15] (introduced 11/15/2007) Cosponsors (1)
H.R.4200: To amend the Internal Revenue Code of 1986 to provide a tax credit for medical research related to developing qualified infectious disease products.
Sponsor: Rep Towns, Edolphus [NY-10] (introduced 11/15/2007) Cosponsors (3)
H.R.4215: To amend the Internal Revenue Code of 1986 to update the optional methods for computing net earnings from self-employment.
Sponsor: Rep Davis, Artur [AL-7] (introduced 11/15/2007) Cosponsors (1)
H.R.4235: To amend the Internal Revenue Code of 1986 to restore the estate tax, to repeal the carryover basis rule, to reduce estate tax rates by 20 percent, to increase the unified credit against estate and gift taxes to the equivalent of a $3,000,000 exclusion and to provide an inflation adjustment of such amount, and for other purposes.
Sponsor: Rep Lowey, Nita M. [NY-18] (introduced 11/15/2007) Cosponsors (None)
H.R.4242: To amend the Internal Revenue Code of 1986 to retain the estate tax with an immediate increase in the exemption, to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, and for other purposes.
Sponsor: Rep Pomeroy, Earl [ND] (introduced 11/15/2007) Cosponsors (None)
H.R.4244: To amend the Internal Revenue Code of 1986 to allow a credit for qualified expenditures paid or incurred to replace certain wood stoves.
Sponsor: Rep Salazar, John T. [CO-3] (introduced 11/15/2007) Cosponsors (4)
S.2362: A bill to amend the Internal Revenue Code of 1986 to provide an additional standard deduction for real property taxes for nonitemizers.
Sponsor: Sen Bayh, Evan [IN] (introduced 11/15/2007) Cosponsors (4)
S.2373: A bill to amend the Internal Revenue Code of 1986 to provide for residents of Puerto Rico who participate in cafeteria plans under the Puerto Rican tax laws an exclusion from employment taxes which is comparable to the exclusion that applies to cafeteria plans under such Code.
Sponsor: Sen Salazar, Ken [CO] (introduced 11/15/2007) Cosponsors (1)
S.2374: A bill to amend the Internal Revenue Code of 1986 to make technical corrections, and for other purposes.
Sponsor: Sen Baucus, Max [MT] (introduced 11/15/2007) Cosponsors (1)
S.2375: A bill to amend the Internal Revenue Code of 1986 to modify and make permanent the election to treat certain costs of qualified film and television productions as expenses.
Sponsor: Sen Lincoln, Blanche L. [AR] (introduced 11/15/2007) Cosponsors (4)
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.
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