Daily Tax Update - June 18, 2007

WAYS AND MEANS COMMITTEE RESCHEDULES ENERGY TAX MARK UP:  On June 20, the House Ways and Means Committee will hold a mark up on a $15 billion energy tax package. The package is expected to contain tax incentives for conservation, hydroelectric, solar power and wind energy.

  • The Senate Finance Committee is scheduled to mark up a $13.7 billion chairman's mark tomorrow.  Both the House and Senate are expected to use changes to the Section 199 domestic manufacturing deduction to partially offset the cost of their energy tax packages.
  • The Senate energy tax provisions are expected to be added to the comprehensive energy bill currently being considered by the Senate.  The House energy tax provisions will be considered by the House as part of its energy package after the July 4 recess. 

IRS ISSUES SPRING 2007 STATISTICS OF INCOME BULLETIN:  Today, the IRS released the spring 2007 issue of the Statistics of Income Bulletin.  The Bulletin includes historical data on income, deductions and tax reported on returns filed by individuals, corporations and unincorporated businesses, with selected data presented for estates.

TAX BILLS INTRODUCED JUNE 15TH: 
H.R. 2737: To amend the Internal Revenue Code of 1986 to allow previously uninsured individuals a refundable credit for health insurance costs and to provide tax incentives to encourage small business health plans.
Sponsor: Rep. Boswell, Leonard L. [IA-3] (introduced 6/15/2007)      Cosponsors (1)

H.R. 2742: To amend the Internal Revenue Code of 1986 to provide rate parity for open-loop and closed-loop biomass facilities under the renewable fuels tax credit.
Sponsor: Rep. Arcuri, Michael A. [NY-24] (introduced 6/15/2007)      Cosponsors (1)

H.R. 2748: To amend the Internal Revenue Code of 1986 to allow the alternative motor vehicle personal credit against the alternative minimum tax.
Sponsor: Rep. Frelinghuysen, Rodney P. [NJ-11] (introduced 6/15/2007)      Cosponsors (None)

S. 1636: A bill to amend the Internal Revenue Code of 1986 to permanently allow penalty-free withdrawals from retirement plans for individuals called to active duty for at least 179 days.
Sponsor: Sen. Dole, Elizabeth [NC] (introduced 6/15/2007)      Cosponsors (1)

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.