Daily Tax Update - July 27, 2006

Disagreement remains among the pension reform conferees over whether to remove a package of tax extenders from the bill and move them separately along with an estate tax relief provision. Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking member Max Baucus (D-MT) are working to keep the tax extenders in the pension reform conference bill while House Majority Leader John Boehner (R-OH) wants to advance the tax extenders separately along with an estate tax measure.

  • Today, House Speaker Dennis Hastert (R-IL) said that it is uncertain if the extenders will remain in the pension bill. Hastert added, "Right now, it's not in."
  • Today, Boehner remained optimistic that the pension bill and an extenders/estate bill could be brought to the House for a vote before the House recesses. Boehner said, "They are not ready now, but we remain hopeful they will be ready soon."


  • H.R. 5889 sponsored by Rep. Stephanie Tubbs Jones (D-OH) would exempt from the harbor maintenance tax certain commercial cargo loaded or unloaded at United States ports in the Great Lakes Saint Lawrence Seaway System.
  • H.R. 5892 sponsored by Rep. Robert Aderholt (R-AL) would provide special rules for the exchange or installment sale of certain agricultural property.
  • H.R. 5904 sponsored by Rep. Jim Matheson (D-UT) would allow public school districts to receive no interest loans for the purchase of renewable energy systems.
  • H.R. 5905 sponsored by Rep. Martin Meehan (D-MA) would reform the system of public financing for Presidential elections.
  • S. 3738 sponsored by Sen. Max Baucus (D-MT) would provide an additional standard deduction for real property taxes for nonitemizers.
  • S. 3740 sponsored by Sen. Russell Feingold (D-WI) would reform the system of public financing for Presidential elections.
  • S. 3742 sponsored by Sen. Trent Lott (R-MS) would provide incentives to encourage investment in the expansion of freight rail infrastructure capacity and enhance modal tax equity.

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