Daily Tax Update - February 02, 2005

Joint Committee on Taxation Releases Document Highlighting Revenue Scoring Methods
Today, the Joint Committee on Taxation released an "Overview of Revenue Estimating Procedures and Methodologies" used to prepare revenue estimates of proposed changes to the code.

  • The document can be accessed here.  

Tax Bills Introduced February 1

  • H.R. 437 sponsored by Rep. Sue Kelly (R-NY) would require group health plans to provide coverage for reconstructive surgery following mastectomy, consistent with the Women's Health and Cancer Rights Act of 1998.
  • H.R. 441 sponsored by Rep. Christopher Smith (R-NH) would allow a refundable credit against income tax for tuition expenses incurred for each qualifying child of the taxpayer in attending public or private elementary or secondary school.
  • H.R. 442 sponsored by Rep. Roscoe Bartlett (R-MD) would change the deadline for income tax returns for calendar year taxpayers from the 15th of April to the first Monday in November.
  • H.R. 443 sponsored by Rep. Michael Bilirakis (R-FL) would provide a tax credit to employers for the value of the service not performed during the period employees are performing service as members of the Ready Reserve or the National Guard.
  • H.R. 446 sponsored by Rep. Michael Bilirakis (R-FL) would provide to employers a tax credit for compensation paid during the period employees are performing service as members of the Ready Reserve or the National Guard.
  • H.R. 448 sponsored by Rep. Kevin Brady (R-TX) would make inapplicable the 10 percent additional tax on early distributions from certain pension plans of public safety employees.
    H.R. 450 sponsored by Rep. Vernon Ehlers (R-MI) would encourage stronger math and science programs at elementary and secondary schools.  
  • H.R. 453 sponsored by William Clay (D-MO) would provide a tax credit for property owners who remove lead-based paint hazards.
  • H.R. 454 sponsored by Rep. Tom Cole (R-OK) would provide that the credit for producing fuel from a nonconventional source shall apply to gas produced onshore from a formation more than 15,000 feet deep.
  • H.R. 462 sponsored by Rep. Eliot Engel (D-NY) would impose an excise tax on the termination of retiree prescription drug coverage.
  • H.R. 471 sponsored by Rep. John Larson (D-CT) would increase the frequency of disclosure of information by political organizations and improve the linkage between databases for public disclosure of election-related information maintained by the Department of the Treasury and the Federal Election Commission.
  • H.R. 495 sponsored by Rep. Tim Ryan (D-OH) would provide a tax credit for the costs of college textbooks.
  • S. 238 sponsored by Sen. Chuck Hagel (R-NE) would exclude from gross income interest received on loans secured by agricultural real property.
  • S. 240 sponsored by Sen. John Kerry (D-MA) would allow small business employers a credit against income tax with respect to employees who participate in the military reserve components and are called to active duty and with respect to replacement employees and allow a comparable credit for activated military reservists who are self-employed.
  • S. 246 sponsored by Sen. Jim Bunning (R-KY) would repeal the sunset of the Economic Growth and Tax Relief Reconciliation Act of 2001 with respect to the expansion of the adoption credit and adoption assistance programs.

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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