Daily Tax Update - November 3, 2009

SENATE MAY NOT CONSIDER HEALTH BILL UNTIL DECEMBER: As the Senate waits on the Congressional Budget Office to score its bill, debate may not begin until December and a final vote may not occur in the Senate until next year. Finance Committee Chairman Max Baucus said yesterday that he didn’t know when the CBO’s analysis would be completed.

• Senate Republicans have said that they want at least four weeks to debate the bill. In a letter to Republicans yesterday, Senate Majority Leader Harry Reid said, “[I]f we are able to overcome your opposition to permitting the Senate to even debate this important legislation, all members will have the opportunity to offer amendments.” Reid’s letter added, “I have no intention of rushing this process or blocking senators from offering alternatives.”
• On the House side, Majority Leader Steny Hoyer said today that he is “confident” the House will approve health care legislation before Veterans Day but added that House members might have to work this weekend or early next week. Hoyer added, “I'm confident of prevailing. And I'm confident of prevailing before Veterans Day.” Hoyer said they were still working on the manager’s amendment.
• House Minority Leader John Boehner said, “Our goal is to make it as difficult as possible for” Democrats to pass their bill. Boehner added, “We believe it is the wrong prescription.”  

TAX BILLS INTRODUCED NOVEMBER 2^ND:
H.R.3979: To amend the Internal Revenue Code of 1986 to deny the deduction for advertising and promotional expenses for prescription pharmaceuticals.
Sponsor: Rep Berry, Marion [AR-1] (introduced 11/2/2009)      Cosponsors (None)

H.R.3985: To amend the Internal Revenue Code of 1986 to provide for a second generation biofuel producer credit, and for other purposes.
Sponsor: Rep Van Hollen, Chris [MD-8] (introduced 11/2/2009)      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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