Daily Tax Update - April 16, 2008

HOUSE APPROVES SHORT-TERM EXTENSION OF FARM BILL:  Today, the House extended by one week the 2002 farm bill in an effort to complete negotiations and to find acceptable offsets. Finance Committee Chairman Max Baucus and House Ways and Means Chairman Charles Rangel are expected to meet this afternoon.

  • House Agriculture Chairman Peterson said that additional extensions would be necessary in order for Congress to pass the final bill and the President to sign it. Peterson said, “Everybody needs to understand that...we're going to need an additional extension, probably two weeks. We're not there yet, but we feel we've made huge progress in the last few days, enough to warrant another one-week extension.”
  • Today, the Administration suggested that the President might not be willing to sign the short term extension bill. Deputy Agriculture Secretary Conner told conferees today, “At this point, we have not seen substantial progress” for Bush to sign the extension. However, he added: “We've got a long afternoon ahead of us...We won't pass judgment.”

TAX BILLS INTRODUCED APRIL 15TH:
H.R.5790: To amend the Internal Revenue Code of 1986 to allow the deduction for State and local real property taxes whether or not the taxpayer itemizes other deductions, and for other purposes.
Sponsor: Rep Foster, Bill [IL-14] (introduced 4/15/2008)      Cosponsors (None)

H.R.5798: To amend the Internal Revenue Code of 1986 to allow a credit for care packages provided for soldiers in combat zones.
Sponsor: Rep Hill, Baron P. [IN-9] (introduced 4/15/2008)      Cosponsors (None)

H.R.5800: To amend the Internal Revenue Code of 1986 to impose a windfall profit tax on oil and natural gas (and products thereof) and to appropriate the proceeds for the Low-Income Home Energy Assistance Program.
Sponsor: Rep Kanjorski, Paul E. [PA-11] (introduced 4/15/2008)      Cosponsors (None)

H.R.5804: To amend the Internal Revenue Code of 1986 to modify the rules relating to the treatment of individuals as independent contractors or employees, and for other purposes.
Sponsor: Rep McDermott, Jim [WA-7] (introduced 4/15/2008)      Cosponsors (23)

S.2855: A bill to amend the Internal Revenue Code of 1986 to adjust the dollar amounts used to calculate the credit for the elderly and the permanently disabled for inflation since 1985.
Sponsor: Sen Bingaman, Jeff [NM] (introduced 4/15/2008)      Cosponsors (1)

S.2856: A bill to amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.
Sponsor: Sen Alexander, Lamar [TN] (introduced 4/15/2008)      Cosponsors (None)

S.2861: A bill to amend the Internal Revenue Code of 1986 to prohibit the imposition of a separate fee for electronic filing of returns and statements for individuals, and for other purposes.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 4/15/2008)      Cosponsors (1)

S.2863: A bill to amend the Internal Revenue Code of 1986 to provide a Federal income tax credit for certain stem cell research expenditures.
Sponsor: Sen Vitter, David [LA] (introduced 4/15/2008)      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.

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