Daily Tax Update - July 18, 2007

WAYS AND MEANS VOTES TO ELIMINATE IRS PRIVATE DEBT COLLECTION PROGRAM:  Today, the House Ways and Means Committee approved legislation that repeals the use of private debt collection companies to collect Federal income taxes.  The ten-year cost of the bill is $1.086 billion which is offset by several revenue raisers including (1) increasing information return penalties, (2)  repealing suspension on certain penalties and interest, (3) revising tax rules on expatriation, and (4) increasing corporate estimated tax payment requirements.  The Senate Finance Committee has yet to act on the bill.

H.R. 3056: To amend the Internal Revenue Code of 1986 to repeal the authority of the Internal Revenue Service to use private debt collection companies, to delay implementation of withholding taxes on government contractors, to revise the tax rules on expatriation, and for other purposes.
Sponsor: Rep. Rangel, Charles B. [NY-15] (introduced 7/17/2007)      Cosponsors (9)

H.R. 3060: To amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986, and title 5, United States Code, to require that group and individual health insurance coverage and group health plans and Federal employees health benefit plans provide coverage of colorectal cancer screening.
Sponsor: Rep. Boren, Dan [OK-2] (introduced 7/17/2007)      Cosponsors (1)

S. 1793: A bill to amend the Internal Revenue Code of 1986 to provide a tax credit for property owners who remove lead-based paint hazards.
Sponsor: Sen. Clinton, Hillary Rodham [NY] (introduced 7/17/2007)      Cosponsors (2)

S. 1799: A bill to amend the Internal Revenue Code of 1986 to apply rate parity to the excise tax on small cigars and small cigarettes, and for other purposes.
Sponsor: Sen. Lincoln, Blanche L. [AR]

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.

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