Daily Tax Update - February 6, 2008

SENATE DEMOCRATIC LEADERSHIP HOPEFUL TO HOLD ECONOMIC STIMULUS VOTE BY END OF WEEK:  Senate Majority Leader Harry Reid (D-NV) said that he expects the Senate to pass its version of the stimulus bill by the end of this week. Reid indicated that the Senate will hold only one vote on an expanded version of the Finance Committee-approved Chairman's Mark. If that bill does not receive 60 votes, another vote will be held on either the House-passed bill (H.R. 5140) or a slightly amended version of that bill.

  • The Democrats modified the Finance Committee bill by adding $1 billion of additional funding for the low-income home energy assistance program (LIHEAP) and increasing the limits on mortgage loans that can be bought by government-sponsored enterprises such as Fannie Mae and Freddie Mac from $417,000 to $729,750
  • Senate Minority Leader Mitch McConnell (R-KY) said yesterday that he would be willing to accept the Finance Committee's inclusion of Social Security recipients and veterans among those who get rebate checks. Republicans have said they oppose expanding the bill further.

S.2592:  A bill to amend the Internal Revenue Code of 1986 to provide for permanent tax incentives for economic growth.
Sponsor: Sen DeMint, Jim [SC] (introduced 2/5/2008)      Cosponsors (None)

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