Daily Tax Update - February 17, 2005

House Ways and Means Committee Approves "Views and Estimates Letter" Outlining FY 2006 Legislative Priorities
Today, the House Ways and Means Committee approved its "views and estimates" letter required by the budget act, which outlines the Committee’s priorities for Fiscal Year 2006. The letter stated that the Committee expects to "examine options for tax reform and simplification for the American people in support of economic growth." Additionally, the Committee will consider the President’s budget and tax reform proposals, including those for permanent tax relief. The letter continues, "Further legislative action to extend expired and expiring provisions, to enhance retirement savings…[and] to promote charitable giving are also expected."

Tax Bills  Introduced February 16

  • H.R. 837 sponsored by Rep. Lloyd Doggett (D-TX) would eliminate the inflation adjustment of the phaseout of the credit for producing fuel from a nonconventional source and repeal the extension of the credit for facilities producing synthetic fuels from coal.
  • H.R. 848 sponsored by Rep. Scott Garrett (R-NJ) would provide that the income tax shall not apply for taxable years during which the taxpayer, or either spouse of a married couple, is serving in the war in Iraq.
  • S. 398 sponsored by Sen. Rick Santorum (R-PA) would expand the expensing of environmental remediation costs.  

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