Daily Tax Update - July 14, 2008

SENATE SENDS HOUSING STIMULUS BILL BACK TO HOUSE:  The Senate voted 63 to 5 Friday to pass the housing stimulus bill (H.R. 3221) and sent the legislation back to the House. The bill contains $14 billion in tax incentives. President Bush has threatened to veto the bill.

  • Senate Banking Chairman Christopher Dodd said, “[The House] will send it back soon hopefully then we can send it back to the president some time next week.”
  • Revenue raisers in the bill include information reporting for payment card and third-party network transactions denial of excludable gains from the sale of a primary residence for periods in which the home was not used as a primary residence, and imposition of or increases in several failure-to-file penalties.

S.3254: A bill to amend the Internal Revenue Code of 1986 to allow banks to be taxed as limited liability companies, and for other purposes.
Sponsor: Sen Hatch, Orrin G. [UT] (introduced 7/11/2008)      Cosponsors (1)

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