Daily Tax Update - April 22, 2009

BUDGET CONFEREES EXPECTED TO BE NAMED SOON:  House budget conferees could be named today followed by selection of the Senate conferees tomorrow. Senate Budget Chairman Kent Conrad said yesterday that staffers were trying to come up with options to resolve the impasse over reconciliation language in the House bill as well as other differences. The House budget resolution also contains a provision that would waive pay-go requirements in both chambers for certain tax policies, such as an extension of the 2009 estate tax, if the House passes a long-term pay-go statute. Conrad said that he was opposed to the House pay-go provision. Conrad added, “I'd be very reluctant to take House provisions and apply them to the Senate.”

JOINT TAX COMMITTEE RELEASES SUMMARY OF CURRENT LAW ENERGY TAX EXPENDITURES:  Today, in connection with Thursday’s Senate Finance Committee hearing, the Joint Committee on Taxation has released a document tiled, “Tax Expenditures for Energy Production and Conservation.” 

  • The document can be accessed here

Notice 2009-41 provides procedures that manufacturers may follow to certify property as qualified residential energy efficient property under § 25D of the Internal Revenue Code, as well as guidance regarding the conditions under which taxpayers seeking to claim the § 25D credit may rely on a manufacturer’s certification.

H.R.1986: To amend the Internal Revenue Code of 1986 and the Economic Growth and Tax Relief Reconciliation Act of 2001 to restore the estate tax, increase the estate tax unified credit to an exclusion equivalent of $4,000,000, reduce the maximum estate tax rate to 40 percent, and for other purposes.
Sponsor: Rep Childers, Travis [MS-1] (introduced 4/21/2009)      Cosponsors (None)

H.R.1993: To amend the Internal Revenue Code of 1986 to modify the first-time homebuyer credit.
Sponsor: Rep Courtney, Joe [CT-2] (introduced 4/21/2009)      Cosponsors (None)

H.R.2016: To amend the Internal Revenue Code of 1986 to provide that qualified energy efficiency property is eligible for the energy credit.
Sponsor: Rep Sires, Albio [NJ-13] (introduced 4/21/2009)      Cosponsors (1)

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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