Daily Tax Update - June 4, 2012: June 8 Hearing On Tax Extenders Scheduled

SUBCOMMITTEE ANNOUNCES HEARING ON TAX EXTENDERS:  On June 8, the House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on how Congress should evaluate certain tax provisions that either expired in 2011 or will expire in 2012.

  • In announcing the hearing, Subcommittee Chairman Tiberi said, “As part of the Ways and Means Committee’s ongoing effort to review dozens of tax provisions that either expired last year or expire this year, we need to consider carefully the principles that we should use to evaluate the merits of these policies.  Having recently heard from our House colleagues about their views on many of these extenders, it is time for the Subcommittee Members to roll up their sleeves and see how the provisions stack up against what experts consider the principles of sound tax policy.”
  • For purposes of the hearing, a "tax extender" is any tax provision:
    1. Extended in title VII of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law No. 111-312; TRUIRJCA), or
    2. 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.

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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