Daily Tax Update - July 12, 2012: House to Vote Week of July 30 on Extending Bush Tax Cuts

HOUSE TO VOTE WEEK OF JULY 30 ON EXTENDING BUSH TAX CUTS:  House Majority Leader Eric Cantor said today that the House will vote the week of July 30 on legislation to extend the Bush-era tax cuts.  Cantor said, "We have scheduled for that week a vote on a bill to extend the existing rates.  That extension will be for a year."  Cantor added, "We will also be bringing up a bill that will outline the principles for tax reform."

SENATE FAILS TO INVOKE CLOTURE ON SMALL BUSINESS TAX BILL:  The Senate failed to garner enough votes to invoke cloture and advance the Small Business Jobs and Tax Relief Act (S. 2237).  Democrats and Republicans disagreed on which amendments could be offered to the bill.

CAMP ANNOUNCES HEARING ON TAX REFORM AND THE US MANUFACTURING SECTOR:  On July 19, the Ways and Means Committee will hold a hearing on business tax issues currently facing U.S. manufacturing companies, and will examine how comprehensive tax reform could improve the ability of manufacturers to contribute to job creation and economic growth, including US-based public and closely held companies as well as foreign-owned US manufacturers.  In announcing the hearing, Committee Chairman Camp said, "US manufacturing has long been a cornerstone of our economy, and it continues to provide high-paying jobs for American workers while supplying global consumers with high-quality products.  As with the rest of our economy, however, the strength of US manufacturing is being undermined by our current tax system, which is too complex, too costly, and too time-consuming to comply with.  As we examine the implications of comprehensive tax reform for specific industries, I will be interested in hearing from US manufacturers about how tax reform can make the United States a more attractive place for the industry to hire and invest."

TAX BILLS INTRODUCED JULY 11TH:

1. [112th] H.R.6100: To amend the Internal Revenue Code of 1986 to provide a temporary extension of the 2001 and 2003 tax cuts for the middle class, and for other purposes.
Sponsor: Rep Braley, Bruce L. [IA-1] (introduced 7/11/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 7/11/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.6102: To amend the Internal Revenue Code of 1986 to provide tax relief for small businesses, and for other purposes.
Sponsor: Rep Gerlach, Jim [PA-6] (introduced 7/11/2012)   Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 7/11/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means

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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