Daily Tax Update - July 9, 2008

SENATE ACTION ON TAX EXTENDERS COULD OCCUR NEXT WEEK:  Senate Finance Committee Chairman Max Baucus (D-MT) is hopeful to finish the tax extenders bill “before the end of this work period.”  Congress is scheduled to break for its month-long recess on August 9th.

  • The Senate has been unsuccessful twice in obtaining the 60 votes needed for cloture on the House-passed tax extenders bill (H.R. 6049). If cloture is secured, Baucus intends to offer a substitute amendment which will include a one-year AMT patch that is not offset. The House-passed extenders bill is offset by taxing hedge fund managers' offshore deferred compensation and by delaying implementation of the worldwide interest allocation benefit.

H.R.6436: To combat international oil price fixing and to amend the Internal Revenue Code of 1986 to allow individuals a credit against income tax of at least $1,000 to offset high 2008 gasoline and diesel fuel prices.
Sponsor: Rep Chabot, Steve [OH-1] (introduced 7/8/2008)      Cosponsors (None)

H.R.6441: To amend the Internal Revenue Code of 1986 to provide tax incentives for replacing an automobile with a more fuel-efficient automobile.
Sponsor: Rep Paul, Ron [TX-14] (introduced 7/8/2008)      Cosponsors (None)

S.3228: A bill to amend the Internal Revenue Code of 1986 to allow a credit for green roofs.
Sponsor: Sen Smith, Gordon H. [OR] (introduced 7/8/2008)      Cosponsors (1)

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