Daily Tax Update - March 23, 2012: Summary Of Senate Highway Bill Available

SUMMARY OF SENATE HIGHWAY FUNDING BILL AVAILABLE: The Senate Finance Committee has released a summary of the tax provisions in the Senate-passed highway bill (S. 1813, the Moving Ahead for Progress in the 21st Century Act).

  • On the House side, House Transportation and Infrastructure Committee Chairman John Mica said that he plans to introduce a three-month extension for surface transportation funding.  Mica said, "I will introduce a short-term extension through June 30 to ensure continuity of current programs while I and House Republicans continue to work toward a responsible transportation bill that provides long-term certainty, reduces the size of government, eliminates earmarks, and is fully paid for."  The Senate‚Äôs transportation bill provides for a two-year extension.
  • The summary can be accessed here.

TAX BILLS INTRODUCED MARCH 22ND.

1.[112th] H.R.4241 : To amend the Internal Revenue Code of 1986 to provide tax benefits to individuals who have been wrongfully incarcerated.
Sponsor: Rep Johnson, Sam [TX-3] (introduced 3/22/2012)      Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 3/22/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.4249 : To amend the Internal Revenue Code of 1986 to allow employers a credit against income tax as an incentive to partner with educational institutions to provide skills training for students.
Sponsor: Rep Hochul, Kathleen C. [NY-26] (introduced 3/22/2012)      Cosponsors (5)
Committees: House Ways and Means
Latest Major Action: 3/22/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3. [112th] H.R.4250 : To amend the Internal Revenue Code of 1986 to provide a 3-year extension of the exclusion of income from the discharge of indebtedness on qualified principal residences.
Sponsor: Rep Lungren, Daniel E. [CA-3] (introduced 3/22/2012)      Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 3/22/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

4. [112th] H.R.4252 : To amend the Internal Revenue Code of 1986 to expand and simplify the credit for employee health insurance expenses of small employers.
Sponsor: Rep Pallone, Frank, Jr. [NJ-6] (introduced 3/22/2012)      Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 3/22/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

5. [112th] S.2227 : A bill to amend the Internal Revenue Code of 1986 to expand and simplify the credit for employee health insurance expenses of small employers.
Sponsor: Sen Kerry, John F. [MA] (introduced 3/22/2012)      Cosponsors (1)
Committees: Senate Finance
Latest Major Action: 3/22/2012 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.

STEPTOE & JOHNSON LLP - TAX PRACTICE
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