Daily Tax Update - July 18, 2008

$50 BILLION TOTAL FLOATED FOR SECOND STIMULUS BILL: Democrats are considering proposals for a second stimulus package in the $50 billion range. Details of the legislation are still being developed. Congressional action on the new stimulus proposal is not expected until mid-September.

  • Today, a spokesperson for Senate Majority Leader Harry Reid said, “We do plan to take up a second stimulus bill, but no final decisions have been reached about what it will look like. The House may act more quickly, [but] I don't expect that any final decisions will be made until September.”
  • Among items for possible inclusion in the new stimulus package are increased funding for highway construction, food stamps and home heating assistance and another round of tax rebate checks. However, Senate Majority Leader Harry Reid said yesterday that he is not a “rebate fan.” House Speaker Nancy Pelosi and Majority Leader Steny Hoyer left the door open for additional tax rebate checks to be included in the package. Hoyer said, “It's on the table, without getting into what people like or don't like.”
  • Pelosi said, “I would hope we could have about a $50 billion [package]. You have to look at what helps stimulate the economy without spending more money than you should because you weight the economy down by going deeper into debt.”

H.R.6532: To amend the Internal Revenue Code of 1986 to restore the Highway Trust Fund balance.
Sponsor: Rep Rangel, Charles B. [NY-15] (introduced 7/17/2008)      Cosponsors (70)

H.R.6546: To amend the Internal Revenue Code of 1986 to allow tax-exempt bond financing for fixed-wing emergency medical aircraft.
Sponsor: Rep Hastings, Doc [WA-4] (introduced 7/17/2008)      Cosponsors (1)

H.R.6554: To amend the Internal Revenue Code of 1986 to allow the personal exemption deduction for a stillborn child.
Sponsor: Rep Young, Don [AK] (introduced 7/17/2008)      Cosponsors (None)

S.3278: A bill to amend the Internal Revenue Code of 1986 to provide that no loan may be made from a qualified employer plan using a credit card or other intermediary and to limit the number of loans that may be made from a qualified employer plan to a participant or beneficiary.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 7/17/2008)      Cosponsors (2)

S.3279: A bill to provide funding for the Low-Income Home Energy Assistance Program, and to amend the Internal Revenue Code of 1986 to deny the deduction for income attributable to domestic production of oil, gas, or primary products thereof for major integrated oil companies.
Sponsor: Sen Gregg, Judd [NH] (introduced 7/17/2008)      Cosponsors (1)

S.3284: A bill to amend the Internal Revenue Code of 1986 to permanently extend the estate tax as in effect in 2009, and for other purposes.
Sponsor: Sen Carper, Thomas R. [DE] (introduced 7/17/2008)      Cosponsors (2)

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