Daily Tax Update - February 7, 2008

SENATE DEMOCRATS AGREE TO SCALED BACK STIMULUS PROPOSAL:  Yesterday, the Senate failed to secure the 60 votes needed to pass the Finance Committee’s $158 billion economic stimulus bill. The cloture vote on the Finance Committee plan was defeated 58-41.

  • Today, Senate Democrats agreed to vote on an amendment to the House-passed bill which would make low-income seniors and disabled veterans eligible for tax rebates. A vote could be held later today.  Finance Committee Chairman Max Baucus said, “Today’s agreement is a victory for the American people. Today’s agreement will speed rebate checks to the overwhelming majority of Americans, giving them needed tax relief. Today is a victory for the American people. . .And I urge the Senate to adopt it right away.”
  • Senate Budget Chairman Kent Conrad said, “Politics is the art of the possible, and this appears to be what is possible at this point. So it’s a good step, an important step, I think more is going to have to be done.” The House could take up the Senate-passed bill later tonight. 

H.R.5231: To amend the Internal Revenue Code of 1986 to extend the credit for electricity produced from certain renewable resources.
Sponsor: Rep Braley, Bruce L. [IA-1] (introduced 2/6/2008)      Cosponsors (None)

H.R.5239: To amend the Internal Revenue Code of 1986 to provide that the proceeds of qualified mortgage bonds may be used to provide refinancing for subprime loans, to provide a temporary increase in the volume cap for qualified mortgage bonds used to provide that refinancing, and for other purposes.
Sponsor: Rep Porter, Jon C. [NV-3] (introduced 2/6/2008)      Cosponsors (1)

H.R.5242: To amend the Internal Revenue Code of 1986 to make permanent the deduction of State and local general sales taxes.
Sponsor: Rep Young, C.W. Bill [FL-10] (introduced 2/6/2008)      Cosponsors (None)

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