Daily Tax Update - March 11, 2011: Three-Week Continuing Resolution Proposed

THREE-WEEK CONTINUING RESOLUTION PROPOSED:  A continuing resolution to fund the government another three weeks is being discussed between House Republicans and Senate Democrats.  A Senate aide said, "We’re in talks with the House on a three-week CR with $6 billion in cuts, most of which have already been proposed by Democrats."  The measure could be voted on by the House as early as Tuesday.

  • Today, House Minority Whip Steny Hoyer said, "You may keep passing these two weeks at a time, none of us want to shut down government," Hoyer said.  "But I will tell you that while I and some of my colleagues may vote to do this one more time, for me it's the last time."

MARCHANT NAMED TO VACANT WAYS AND MEANS SEAT:  Today, the House Republican Steering Committee voted to recommend that Rep. Kenny Marchant (R-TX) fill the vacant seat of former Rep. Chris Lee (R-NY) on the House Ways and Means Committee. 

TAX BILLS INTRODUCED MARCH 10TH:
1.  [112nd] H.R.992: Building American Jobs Act of 2011
Sponsor: Rep Levin, Sander M. [MI-12] (introduced 3/10/2011)      Cosponsors (13)
Committees: House Ways and Means
Latest Major Action: 3/10/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2.  [112nd] H.R.1004: Medical FSA Improvement Act of 2011
Sponsor: Rep Boustany, Charles W., Jr. [LA-7] (introduced 3/10/2011)      Cosponsors (5)
Committees: House Ways and Means
Latest Major Action: 3/10/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3.  [112nd] H.R.1011: 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 3/10/2011)      Cosponsors (2)
Committees: House Ways and Means
Latest Major Action: 3/10/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

4.  [112nd] H.R.1018: To amend the Internal Revenue Code of 1986 to make permanent the deduction for mortgage insurance premiums.
Sponsor: Rep Nunes, Devin [CA-21] (introduced 3/10/2011)      Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 3/10/2011 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

5.  [112nd] S.557: A bill to amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes.
Sponsor: Sen Schumer, Charles E. [NY] (introduced 3/10/2011)      Cosponsors (9)
Committees: Senate Finance
Latest Major Action: 3/10/2011 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE:
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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