Daily Tax Update - June 16, 2005

During yesterday’s highway conference committee deliberations, Senate Majority Leader Bill Frist (R-TN) said that he supports the level in the House bill of $284 billion. Frist said, "I have told the conferees yesterday and today that I expect, representing leadership, a bill at the $284 billion level."

  • Other Senate conferees have indicated a willingness to compromise on the funding level, but House leaders are standing firm in their opposition to any bill costing more than the level in the House-passed bill.
  • The Vice Chairman of the Conference, Sen. James Inhofe (R-OK) said, "We are planning a meeting of the Senate conferees and we're going to arrive at a number and offer it to the House. I can't tell you what that number's going to be. It'll be open."
  • If the conferees are not successful in resolving their differences before the end of the month, it will be necessary to approve another highway funding extension bill.


  • H.R. 2904 sponsored by Rep. Robert Andrews (D-NJ) would allow a credit against the income tax for an owner of a radio broadcasting station which donates the license and other assets of such station to a nonprofit corporation for purposes of supporting nonprofit fine arts and performing arts organizations.
  • H.R. 2911 sponsored by Rep. Eric Cantor (R-VA) would modify the active business definition under section 355.
  • H.R. 2924 sponsored by Rep. Alcee Hastings (D-FL) would reduce motor fuel excise taxes during periods of high fuel prices.
  • S. 1253 sponsored by Sen. Norm Coleman (R-MN) would allow a credit to holders of qualified bonds issued to finance certain rural development projects.

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