Daily Tax Update - June 14, 2007

SENATE MAY MOVE ENERGY BILL WITHOUT TAX COMPONENT:  Senate Majority Leader Harry Reid (D-NV) said that the Senate could move an energy bill next week without a tax component and may consider energy tax incentives later as a stand alone bill.  Reid said, “One of the things that could hold it up is the tax part of it.  We may have to do it without the tax provisions in it, because we have a number of other things we have to work on."  Reid added, “We'll try to work our way through this and try to complete the bill sometime the mid-part of next week.”   Senate Finance Committee Chairman Max Baucus (D-MT) had previously said that the Committee would mark up an energy tax package on June 19.

  • The House Ways and Means Committee postponed its mark up this week of a package of energy tax incentives.

TAX BILL INTRODUCED JUNE 13TH:
H.R. 2706: To amend the Internal Revenue Code of 1986 to provide for a credit which is dependent on enactment of State qualified scholarship tax credits and which is allowed against the Federal income tax for charitable contributions to education investment organizations that provide assistance for elementary and secondary education.
Sponsor: Rep Franks, Trent [AZ-2]

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.