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.

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]

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