Daily Tax Update - July 19, 2006

Senate Health, Education, Labor and Pensions Committee Chairman Sen. Michael Enzi (R-WY) said that he is hopeful to have an agreement on a draft conference report on pension reform legislation resolved later today. Enzi said, "We've been holding discussions for a long time. So I took the chairman's prerogative of putting together a draft mark last week and circulated it to a number of people." The bill is expected to include provisions giving relief to struggling airlines and making it easier for investment firms to provide advice to their 401(k) clients.

  • Today, House Speaker Dennis Hastert (R-IL) said that he wants a House vote on the final bill by the start of the August recess.
  • Several tax provisions are expected to be attached to the pension reform conference report extending several tax relief provisions that expired at the end of 2005, including a deduction for state and local sales taxes, the research credit, and other business extenders. Several charitable giving incentives and charitable reforms could also be included.

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