Daily Tax Update - October 26, 2009

HOUSE LEADERS HOPEFUL TO VOTE ON HEALTH CARE BILL BY NOVEMBER 6th:  House health care negotiators are continuing to work on a health care reform bill. House Speaker Nancy Pelosi said no final decision has been made on a public option provision. Pelosi added, “[T]here’s no philosophical difference between the robust public option and negotiated rates. It’s just a difference in money, and money is important. At the end of the day we will have a public option in our legislation.” Pelosi has said that she wants a bill signed into law by Thanksgiving. However, House Ways and Means Committee Chairman Charles Rangel said, “There’s no rush to bring this to the floor until we have the votes we need. And the Speaker is very, very patient.”

• House Minority Leader John Boehner said, “None of the legislative proposals Speaker Pelosi is discussing can be called 'reform.' All of the Democrats' trillion-dollar bills will increase premiums, raise taxes, cut Medicare benefits, destroy jobs and jeopardize the health coverage that millions have today. Whether you call it a public option, a trigger, or a co-op, the fact is all of these proposals put us on the path to government-run health care.” 
• Meanwhile, on the Senate side, Senate Majority Leader Harry Reid announced today that the final Senate bill will contain a public insurance option with an opt-out provision for the states. The CBO will now score the Senate bill. 

TAX BILLS INTRODUCED OCTOBER 23rd:
H.R.3919: To amend the Internal Revenue Code of 1986 to provide for the designation of Clean Energy Business Zones and for tax incentives for the construction of, and employment at, energy-efficient buildings and clean energy facilities, and for other purposes.
Sponsor: Rep Maffei, Daniel B. [NY-25] (introduced 10/23/2009)      Cosponsors (3)

H.R.3920: To amend the Internal Revenue Code of 1986 to provide for a waiver of minimum required distribution rules applicable to pension plans for 2010.
Sponsor: Rep Burgess, Michael C. [TX-26] (introduced 10/23/2009)      Cosponsors (None)

H.R.3921: To amend the Internal Revenue Code of 1986 to extend for 90 days the first-time homebuyer credit for taxpayers who have entered into a binding contract before the termination of such credit.
Sponsor: Rep Donnelly, Joe [IN-2] (introduced 10/23/2009)      Cosponsors (1)

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