Daily Tax Update - November 23, 2009

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS FROM ITS THANKSGIVING RECESS ON NOVEMBER 30^TH

SENATE PASSES KEY HEALTH CARE PROCEDURAL VOTE : On Saturday, the Senate approved by a 60-39 vote a motion to proceed to debate on the $848 billion “Patient Protection and Affordable Care Act.” Senate Majority Leader Harry Reid wants to pass the bill before Christmas. Reid said, “We can see the finish line, but we’re not there. The road is a long stretch... We have the momentum to keep this process moving, I have no doubt about that.” Reid added, “We’ve got some things to work out, but we’re going to get a bill.”

• Although Sens. Mary Landrieu and Blanche Lincoln voted in support of cloture, they expressed opposition to the public option provision in the bill. Landrieu said, “I would say that I believe it’s going to be very clear at some point very soon that there are not 60 votes for the current [public option] provision in the bill and that the leader and the leadership are going to have to make a decision, and I trust that they are going to figure out how to do that.” Lincoln said, “I’ve already alerted the leader, and I’m promising my colleagues that I’m prepared to vote against moving to the next stage of consideration as long as a government-run public option is included.”
• All Republicans voted against the bill. Republican Senator Tom Coburn said, “The important thing is for the American people to understand that this bill doesn't fix what's wrong with health care. We're treating symptoms, not the disease.”

MISCELLANEOUS GUIDANCE ISSUED TODAY:
Revenue Ruling 2009-37, announcing the rates of interest, will appear in Internal Revenue Bulletin No. 2009-52, dated December 28, 2009.

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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