Daily Tax Update - February 13, 2008

PRESIDENT SIGNS ECONOMIC STIMULUS BILL INTO LAW:  Today, President Bush signed the $168 billion Economic Stimulus Act of 2008. The President called the measure “a booster shot for our economy” to stave off a recession. The President said, “The bill I'm signing today is large enough to have an impact—amounting to more than $152 billion this year, or about 1 percent of GDP. The bill provides temporary tax incentives for businesses to make investments in their companies so that we create new jobs this year. The bill provides individual tax relief in the form of tax rebates. These rebates will amount to as much as $600 for individuals and $1,200 for married couples, with additional rebates for families with children. The members resisted the temptation to load up this bill with unrelated programs or unnecessary spending, and I appreciate that. I thank the members for acting quickly. I thank them for acting to provide immediate tax relief to the American people.”
 
TAX BILLS INTRODUCED FEBRUARY 12TH:
H.R.5348: To amend the Social Security Act and the Internal Revenue Code of 1986 to assure comprehensive, affordable health insurance coverage for all Americans through an American Health Benefits Program.
Sponsor: Rep Langevin, James R. [RI-2] (introduced 2/12/2008)      Cosponsors (1)

H.R.5351: To amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation.
Sponsor: Rep Rangel, Charles B. [NY-15] (introduced 2/12/2008)      Cosponsors (32)

H.R.5372: To amend the Internal Revenue Code to allow a special depreciation allowance for reuse and recycling property.
Sponsor: Rep Bean, Melissa L. [IL-8] (introduced 2/12/2008)      Cosponsors (1)

H.R.5373: To amend the Internal Revenue Code of 1986 to extend the energy efficient appliance credit and the nonbusiness energy property credit.
Sponsor: Rep Boswell, Leonard L. [IA-3] (introduced 2/12/2008)      Cosponsors (None)

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.