Daily Tax Update - April 20, 2012: Hearing On Extenders Scheduled

HEARING ON “EXTENDERS” SCHEDULED:  On April 26, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on Member proposals related to certain tax provisions that either expired in 2011 or will expire in 2012 (also known as "tax extenders").

  • For purposes of this hearing, a “tax extender” is any tax provision:
    • Extended in title VII of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law No. 111-312; "TRUIRJCA"), or
    • Expiring between the end of calendar year 2011 and the end of calendar year 2012, other than any provision:
    • Addressed in titles I through VI of TRUIRJCA, or
    • Related to a transportation trust fund.
  • In announcing the hearing, Subcommittee Chairman Tiberi said, "As Chairman Camp and I stated last month, the Ways and Means Committee is engaged in a process to review dozens of tax provisions that either expired last year or expire this year.  This hearing provides a formal opportunity for the Subcommittee to hear from our House colleagues about the merits of extending – or not extending – many of these tax policies."

TAX BILLS INTRODUCED APRIL 19TH:

1. [112th] H.R.4421 : To amend the Internal Revenue Code of 1986 to eliminate the separate income tax return form for the earned income credit, to require the information required by that form to be included on the appropriate income tax return forms, and to require the Internal Revenue Service to compute the earned income credit for taxpayers.
Sponsor: Rep Brown, Corrine [FL-3] (introduced 4/19/2012)      Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 4/19/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.4470 : To amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986, and title 5, United States Code, to require individual and group health insurance coverage and group health plans and Federal employees health benefit plans to provide coverage for routine HIV screening.
Sponsor: Rep Waters, Maxine [CA-35] (introduced 4/19/2012)      Cosponsors (3)

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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