Daily Tax Update - June 12, 2007

RANGEL POSTPONES ENERGY TAX BILL MARK UP:  House Ways and Means Committee Chairman Charles Rangel (D-NY) announced the postponement of tomorrow’s scheduled mark up of an approximately $16 billion energy tax package.  House Democrats are hopeful to have the mark up before the start of the July Fourth recess.  The package is expected to contain tax incentives for conservation, hydroelectric, solar power and wind energy.

  • The Senate Finance Committee could mark up a $20 billion to $25 billion chairman's mark on energy taxes June 19.

H..R. 2639: To amend the Internal Revenue Code of 1986 to modify the rules with respect to health savings accounts and medical savings accounts, and for other purposes.
Sponsor: Rep. Boustany, Charles W., Jr. [LA-7] (introduced 6/11/2007)      Cosponsors (None)

H.R. 2648: To amend the Internal Revenue Code of 1986 to repeal the reduction in the deductible portion of expenses for business meals and entertainment.
Sponsor: Rep. Abercrombie, Neil [HI-1] (introduced 6/11/2007)      Cosponsors (None)

H.R. 2652: To amend the Internal Revenue Code of 1986 to generate renewable energy and encourage novel technologies related to the production of energy, and for other purposes.
Sponsor: Rep. English, Phil [PA-3] (introduced 6/11/2007)      Cosponsors (None)

H.R. 2658: To amend the Internal Revenue Code of 1986 to provide a tax credit for farmers' investments in value-added agriculture.
Sponsor: Rep. McHugh, John M. [NY-23] (introduced 6/11/2007)      Cosponsors (None)

S. 1587: A bill to amend the Internal Revenue Code to allow a special depreciation allowance for reuse and recycling property and to provide for tax-exempt financing of recycling equipment, and for other purposes.
Sponsor: Sen. Snowe, Olympia J. [ME] (introduced 6/11/2007)      Cosponsors (7)

S. 1588: A bill to amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1986 to require that group and individual health insurance coverage and group health plans provide coverage for treatment of a minor child's congenital or developmental deformity or disorder due to trauma, infection, tumor, or disease.
Sponsor: Sen. Landrieu, Mary L. [LA] (introduced 6/11/2007)      Cosponsors (6)

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