Daily Tax Update - July 22, 2005

TOP TAX-WRITERS INTRODUCE TAX TECHNICAL CORRECTIONS ACT:
Yesterday, Senate Finance Committee Chairman Charles Grassley (R-IA) and House Ways and Means Committee Chairman Bill Thomas (R-CA), introduced the Tax Technical Corrections Act of 2005. The legislation contains technical corrections needed with respect to the American Jobs Creation Act of 2004 and other recently enacted tax legislation. The text of the legislation is available for public comment through August 31, 2005.

  • The bill can be accessed here

GRASSLEY, BAUCUS INTRODUCE PENSION REFORM BILL:
Today, Senate Finance Committee Chairman Charles Grassley (R-IA) and ranking Member Max Baucus (D-MT) introduced their revised pension bill, the "National Employee Savings and Trust Equity Guarantee Act of 2005." The Finance Committee is scheduled to mark up the bill on July 26.

  • The description of the bill can be accessed here.

TAX BILLS INTRODUCED JULY 21:

  • H.R.3376 sponsored by Rep. William Thomas (R-CA) would make technical corrections . to the American Jobs Creation Act of 2004 and other recently enacted tax legislation.
  • H.R.3385 sponsored by Rep. Sam Johnson (R-TX) would make the credit for prior year minimum tax liability refundable for individuals after a period of years and require returns with respect to certain stock options.
  • H.R.3398 sponsored by Rep. Terry Lee (R-NE) would make permanent the deduction for corporate donations of scientific property and computer technology.
  • H.R.3399 sponsored by Rep. Terry Lee (R-NE) would make permanent the welfare-to-work credit.
  • H.R.3400 sponsored by Rep. Terry Lee (R-NE) would make permanent the option of including combat pay when computing earned income.
  • S.1441 sponsored by Sen. Craig Thomas (R-WY) would include wireless telecommunications equipment in the definition of qualified technological equipment for purposes of determining the depreciation treatment of such equipment.
  • S.1447 sponsored by Sen. Chuck Grassley (R-IA) would make technical corrections the American Jobs Creation Act of 2004 and other recently enacted tax legislation.
  • S.1449 sponsored by Sen. Gordon Smith (R-OR) would make changes with respect to the eligibility of veterans for mortgage bond financing

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.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country. The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court. The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them.  Read  more information on Steptoe's tax practice