Daily Tax Update - February 04, 2005

Tax-Writing Committees Schedule Hearing on Tax Proposals in President's Budget
On February 7, President Bush will submit his fiscal year 2006 budget to Congress.  On February 8, the House Ways and Means and Senate Finance Committees will hold a hearing on the tax proposals in the President’s budget. Treasury Secretary John Snow is scheduled to testify.

  • In announcing the hearing, House Ways and Means Committee Chairman Bill Thomas (R-CA) said, "The President’s budget will include tax and other proposals related to Treasury functions within the jurisdiction of the Committee.  I look forward to receiving the President’s budget and discussing his proposals with Secretary Snow."

Tax Bills Introduced February 3

  • S. 280 sponsored by Sen. Kay Bailey Hutchison (R-TX) would provide for the amortization of delay rental payments and geological and geophysical expenditures.
  • S. 283 sponsored by Sen. Elizabeth Dole (R-NC) would provide a tax credit for the transportation of food for charitable purposes.
  • S. 290 sponsored by Sen. Christopher Bond (R-MO) would exclude from gross income certain hazard mitigation assistance.

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.

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