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.

TAX BILLS INTRODUCED JUNE 11TH:
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)

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.

STEPTOE & JOHNSON LLP - TAX PRACTICE
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country. The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court. The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving. Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.