Daily Tax Update - June 22, 2009

TAX-WRITING COMMITTEES CONTINUE TO LOOK FOR HEALTH CARE REFORM REVENUE RAISERS:  Congress is scheduled to recess Friday for its week-long July 4th break. Meanwhile, House Ways and Means and Senate Finance Committee Democrats are continuing to try to come up with the revenue offsets to help pay for a health care reform bill. The 852-page draft health care bill released late last week by House Democrats did not contain revenue raisers. Markups in the tax-writing Committees are expected to occur sometime after the July 4th recess.

  • Last week, the Congressional Budget Office projected that health care reform would cost approximately $1.6 trillion. Finance Committee Chairman Max Baucus said that he intends to offer a fully offset bill under $1 trillion. 
  • Ways and Means Committee ranking member Dave Camp said recently, “The Democrats are refusing to reveal the price tag of this bill or how they will pay for it, but it is obvious it will cost well over a trillion dollars.”

H.R.2963: To amend the Internal Revenue Code of 1986 to provide incentives for improving small manufacturers' computer technology.
Sponsor: Rep Dahlkemper, Kathleen A. [PA-3] (introduced 6/19/2009)      Cosponsors (22)

H.R.2964: To amend the Internal Revenue Code of 1986 to allow refunds of Federal motor fuel excise taxes on fuels used in mobile mammography vehicles.
Sponsor: Rep Heller, Dean [NV-2] (introduced 6/19/2009)      Cosponsors (8)

H.R.2966: To amend the Internal Revenue Code of 1986 to deny any deduction for direct-to-consumer advertisements of prescription drugs.
Sponsor: Rep Nadler, Jerrold [NY-8] (introduced 6/19/2009)      Cosponsors (None)

H.R.2967: To amend the Internal Revenue Code of 1986 to deny the alternative fuel and alternative fuel mixture credits for black liquor.
Sponsor: Rep Kirkpatrick, Ann [AZ-1] (introduced 6/19/2009)      Cosponsors (1)

H.R.2974: To amend the Internal Revenue Code of 1986 to allow individuals eligible for veterans health benefits to contribute to health savings accounts.
Sponsor: Rep Campbell, John [CA-48] (introduced 6/19/2009)      Cosponsors (2)

H.R.2982: To amend the Internal Revenue Code of 1986 to allow Indian tribes to transfer the credit for electricity produced from renewable resources.
Sponsor: Rep Grijalva, Raul M. [AZ-7] (introduced 6/19/2009)      Cosponsors (3)

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