Daily Tax Update - January 6, 2005

Ways and Means Committee Announces New Members
Today, House Ways and Means Committee Chairman Bill Thomas (R-CA) announced the new Republican members of the Committee:  Reps. John Linder (R-GA), Melissa Hart (R-PA), Bob Beauprez (R-CO), and Chris Chocola (R-IN).  Rep. Tom Reynolds (R-NY) also returns to the Committee after serving on the Rules Committee.  Rep. Devin Nunes (R-CA) was also been elected to the Ways and Means Committee, but will take an immediate leave to continue serving on his current committee assignments. Nunes will claim his Ways and Means Committee seat as soon as there is another vacancy next Congress.

  • Democrats selected to serve on the Committee include: Reps. Rahm Emanuel (D-IL), John Larson (D-CT), and Mike Thompson (D-CA).
  • Rep. Dave Camp (R-MI) will serve as Select Revenue Subcommittee Chairman, while Rep. Jim Ramstad (R-MN) will chair the Oversight Subcommittee.

Congress Passes Tsunami Tax Relief Bill
 Today, both the House and Senate passed legislation that allows extra time for Americans to make cash donations to charities supporting tsunami-related relief efforts. President Bush is expected to sign the bill. 

  • Under the new law, taxpayers will be permitted to claim a tax deduction in tax year 2004 for cash donations made before January 31, 2005, for tsunami disaster relief. 

Additional Information

Steptoe & Johnson LLP’s recent tax alerts, speeches, and articles  
Previous editions of the Daily Tax Update
Treasury Department news releases and fact sheets
IRS news releases and fact sheets
 

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