Daily Tax Update - May 28, 2010

HOUSE PASSES SEPARATE EXTENDERS AND MEDICARE “DOC FIX” BILLS: Today, by a vote of 215-204, the House approved the extenders provisions. The effective date of the carried interest offset was delayed until the start of 2011. Another vote was held on a separate bill that contains an extension of the current Medicare payment rate to physicians.

• The Senate recessed yesterday without acting on either measure. Today, Senate Majority Leader Reid said the Senate would take up the extenders bill after the Senate returns June 7. Reid said he would have "some meetings during this coming week to determine how we will change the bill we get from the House." He added, "I think the changes should not be major but there will be some changes and we'll have to work through that."
• The Joint Committee on Taxation has released the technical explanation of the revenue provisions in the extenders here. 
• The revenue estimates can be accessed here. 

TAX BILLS INTRODUCED MAY 27^TH
H.R.5435: To amend the Internal Revenue Code of 1986 to extend certain renewable fuel, and energy, tax incentives, and to deny the deduction for income attributable to domestic production of oil, or primary products thereof.
Sponsor: Rep Braley, Bruce L. [IA-1] (introduced 5/27/2010)      Cosponsors (None)

H.R.5437: To amend the Internal Revenue Code of 1986 to provide that the treatment of tenant-stockholders in cooperative housing corporations also shall apply to stockholders of corporations that only own the land on which the residences are located.
Sponsor: Rep Crowley, Joseph [NY-7] (introduced 5/27/2010)      Cosponsors (None)

H.R.5444: To amend the Internal Revenue Code of 1986 to repeal the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 and to replace it with provisions reforming the health care system by putting patients back in charge of health care.
Sponsor: Rep Paul, Ron [TX-14] (introduced 5/27/2010)      Cosponsors (None)

S.3440: A bill to amend the Internal Revenue Code of 1986 to extend the incentives for biodiesel and renewable diesel.
Sponsor: Sen Grassley, Chuck [IA] (introduced 5/27/2010)      Cosponsors (None)

S.3445: A bill to amend the Internal Revenue Code of 1986 to allow an above-the-line deduction for certain professional development and other expenses of elementary and secondary school teachers and for certain certification expenses of individuals becoming science, technology, engineering, or math teachers.
Sponsor: Sen Hatch, Orrin G. [UT] (introduced 5/27/2010)      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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