Daily Tax Update - April 10, 2008

SENATE PASSES HOUSING STIMULUS BILL:  Today, the Senate voted 84-12 to pass legislation (H.R. 3221) designed to help reduce foreclosures and support the housing industry through new tax incentives. The Senate also adopted an amendment that would provide $6 billion in tax incentives for renewable energy use or production. A centerpiece of the Senate bill, but not in the House bill, provides for an extension of the net operating loss carryback provision. Unlike the House bill, the Senate bill does not offset tax cuts in its housing stimulus plan.

  • Senate Majority Leader Harry Reid (D-NV) said, “This is just the beginning of the process. This bill will go to the House. With the House and the White House we can come up with a piece of legislation fairly quickly.”
  • A summary of the bill can be accessed via: http://finance.senate.gov/press/Bpress/2008press/prb0410208a.pdf

TAX BILLS INTRODUCED APRIL 9TH:
H.R.5737: To amend the Internal Revenue Code of 1986 to provide for a deduction for travel expenses to medical centers of the Department of Veterans Affairs in connection with examinations or treatments relating to service-connected disabilities.
Sponsor: Rep Heller, Dean [NV-2] (introduced 4/9/2008)      Cosponsors (None)

H.R.5742: To amend the Internal Revenue Code of 1986 to extend eligibility under the new markets tax credit for community development entities created or organized in American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the Virgin Islands.
Sponsor: Rep Bordallo, Madeleine Z. [GU] (introduced 4/9/2008)      Cosponsors (3)

H.R.5744: To amend the Internal Revenue Code of 1986 to extend permanently the election to deduct State and local general sales taxes.
Sponsor: Rep Cohen, Steve [TN-9] (introduced 4/9/2008)      Cosponsors (None)

H.R.5746: To amend the Internal Revenue Code of 1986 to establish the infrastructure foundation for the hydrogen economy, and for other purposes.
Sponsor: Rep Larson, John B. [CT-1] (introduced 4/9/2008)      Cosponsors (10)

S.2835: A bill to amend the Internal Revenue Code of 1986 to allow the purchase of health insurance with pre-tax dollars, and for other purposes.
Sponsor: Sen DeMint, Jim [SC] (introduced 4/9/2008)      Cosponsors (13)

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.

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