Daily Tax Update - February 9, 2010

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS ON FEBRUARY 22ND

WEATHER CLOSES FEDERAL GOVERNMENT FOR SECOND DAY:  The Federal Government is closed for the second day due to another expected snowstorm in the Washington area. The House has cancelled its scheduled votes for today and the rest of the week. Votes in the House will resume on February 22nd. The Senate has some votes scheduled for later today, but its schedule for the rest of the week is also uncertain. Congress is scheduled to break for its week-long Presidents’ Day recess on Friday. Senate Majority Leader Harry Reid said, “The issue before the Senate today is what we do with Mother Nature. We are contemplating, if we can work out the procedural difficulties, not being in session tomorrow.”

  • Meanwhile, a bipartisan group of lawmakers met with President Obama this morning to discuss the economy and jobs bill. Attendees included: Senate Majority Leader Harry Reid (D-NV), Senate Minority Leader Mitch McConnell (R-KY), Speaker Nancy Pelosi (D-CA), House Majority Leader Steny Hoyer (D-MD), and House Minority Leader John Boehner (R-OH). After today’s White House meeting, Senate Majority Leader Harry Reid said that he was hopeful to introduce the jobs bill today and the Senate could work into the weekend. However, the weather and lack of details about the legislation could complicate that scenario. Reid said, “I want to get it done, and we may have to work into the weekend because of the weather.” 
  • Reid did not elaborate on what provisions would be in the jobs bill, but said it would include an extension of the Highway Trust Fund and would not include a provision dealing with the estate tax. The jobs bill is likely to include numerous tax extenders. A spokesman for Senate Majority Leader Mitch McConnell said, “The dilemma we currently have on the proposal that the Majority Leader is referring to is that I believe it is the case that not all members of the Finance Committee are fully aware of what the package may look like. We also don’t have an entire Conference that understands it yet.” McConnell added, “My Members need to be able to feel like they understand what they are being called upon to support. So the sooner we could get the parameters of the final package, I think the better.”
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