Daily Tax Update - February 15, 2008

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON FEBRUARY 25TH.

SENATE CONFEREES EXPECTED TO MAKE COUNTEROFFER ON FARM BILL:  Later today, Senate farm bill conferees are expected to send a counteroffer to the House conferees to try to reach an agreement on a funding level for the bill. The conferees are expected to work during next week’s recess to finalize an agreement.

  • Senate Budget Committee Chairman Kent Conrad (D-ND) said that there has been no resolution about the source of offsets to pay for the farm bill. Conrad said the Finance Committee has identified $8 billion in tax loopholes that the Bush administration has proposed closing. 

TAX BILLS INTRODUCED FEBRUARY 14TH:
H.R.5449: To amend the Employee Retirement Income Security Act of 1974, Public Health Service Act, and the Internal Revenue Code of 1986 to prohibit discrimination in group health coverage and individual health insurance coverage.
Sponsor: Rep Kagen, Steve [WI-8] (introduced 2/14/2008)      Cosponsors (14)

H.R.5450: To amend the Internal Revenue Code of 1986 to remove cell phones from listed property under section 280F.
Sponsor: Rep Johnson, Sam [TX-3] (introduced 2/14/2008)      Cosponsors (6)

S.2637: A bill to amend the Internal Revenue Code of 1986 to provide an exclusion for gain from the sale of farmland to encourage the continued use of the property for farming, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 2/14/2008)      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.