Daily Tax Update - September 23, 2009

FINANCE MARK UP CONTINUES – COMMITTEE VOTE COULD BE DELAYED:  As members of the Senate Finance Committee continue deliberations on Chairman Baucus’ modified mark, the vote could be delayed until next week when the bill’s “conceptual language in plain English” and a “complete cost analysis” are posted online.  

• During yesterday’s session, numerous committee members suggested that they would not support the bill unless additional changes are made. Senator Debbie Stabenow said, “I know that we all definitely are committed to moving forward and getting a bill. But I know that there are those of us that feel that some changes need to happen in committee.” Meanwhile, Senator Bingaman and others opposed the co-op provision instead of the public insurance option. Bingaman said, “I have thought that a more straightforward public option...would be an even better way to go. I hope that we can make that improvement as we go forward.”
• The Joint Committee on Taxation has released the revenue estimates for Baucus’ modified bill.   

TAX BILLS INTRODUCED SEPTEMBER 22nd:
H.R.3610: To amend the Internal Revenue Code of 1986 to improve access to health care by allowing a deduction for the health insurance costs of individuals, expanding health savings accounts, and for other purposes.
Sponsor: Rep Austria, Steve [OH-7] (introduced 9/22/2009)      Cosponsors (27)

H.R.3612: To amend the Internal Revenue Code of 1986 to waive the 10 percent penalty with respect to early retirement distributions for certain unemployed individuals.
Sponsor: Rep Broun, Paul C. [GA-10] (introduced 9/22/2009)      Cosponsors (3)

H.R.3615: To amend the Internal Revenue Code of 1986 to provide a standard home office deduction.
Sponsor: Rep Schrader, Kurt [OR-5] (introduced 9/22/2009)      Cosponsors (22)

H.R.3620: To amend the Internal Revenue Code of 1986 to allow employers a credit against income tax for employing members of the Ready Reserve and National Guard and veterans recently separated from the Armed Forces.
Sponsor: Rep Alexander, Rodney [LA-5] (introduced 9/22/2009)      Cosponsors (None)

H.R.3622: To amend the Internal Revenue Code of 1986 to allow a credit for the construction of pond establishments for the purposes of non-commercial recreational fishing and conservation of water-based wildlife habitats.
Sponsor: Rep Bright, Bobby [AL-2] (introduced 9/22/2009)      Cosponsors (None)

H.R.3627: To amend the Internal Revenue Code of 1986 to allow employers a credit against income tax for the cost of teleworking equipment and expenses in rural and small town America.
Sponsor: Rep Perriello, Thomas S.P. [VA-5] (introduced 9/22/2009)      Cosponsors (None)

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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