Daily Tax Update - July 20, 2012: Hearing to Highlight How Tax Reform Can Increase Access to Education

HEARING TO HIGHLIGHT HOW TAX REFORM CAN INCREASE ACCESS TO EDUCATION:   On July 25, the Senate Finance Committee will hold a hearing entitled "Education Tax Incentives and Tax Reform."  The hearing will examine how tax reform can increase access to high-quality education and how that access will promote economic opportunity and growth. 

The witnesses at Wednesday’s hearing will be:

  • Dr. Waded Cruzado, President, Montana State University
  • Ms. Lynne Munson, President and Executive Director, Common Core
  • Dr. Susan Dynarski, Associate Professor, University of Michigan
  • Mr. Scott Hodge, President, Tax Foundation
  • Mr. Jim White, Director, Tax Issues, Government Accountability Office

TAX BILLS INTRODUCED JULY 19TH:

1. [112th] H.R.6151:  To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.
Sponsor: Rep Turner, Michael R. [OH-3] (introduced 7/19/2012)   Cosponsors (3)
Committees: House Ways and Means
Latest Major Action: 7/19/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.6152:  To amend the Internal Revenue Code of 1986 to encourage domestic insourcing and discourage foreign outsourcing, and for other purposes.
Sponsor: Rep Pascrell, Bill, Jr. [NJ-8] (introduced 7/19/2012)   Cosponsors (14)
Committees: House Ways and Means
Latest Major Action: 7/19/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3. [112th] H.R.6162:  To amend the Internal Revenue Code of 1986 to permit health plans without a deductible for prenatal, labor and delivery, and postpartum care to be treated as high deductible plans with respect to health savings accounts.
Sponsor: Rep Cassidy, Bill [LA-6] (introduced 7/19/2012)   Cosponsors (15)
Committees: House Ways and Means
Latest Major Action: 7/19/2012 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

4. [112th] S.3412:  A bill to amend the Internal Revenue Code of 1986 to provide tax relief to middle-class families.
Sponsor: Sen Reid, Harry [NV] (introduced 7/19/2012)   Cosponsors (None)
Latest Major Action: 7/19/2012 Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 467.

5. [112th] S.3413:  A bill to amend the Internal Revenue Code of 1986 to temporarily extend tax relief provisions enacted in 2001 and 2003, to provide for temporary alternative minimum tax relief, to extend increased expensing limitations, and to provide instructions for tax reform.
Sponsor: Sen Hatch, Orrin G. [UT] (introduced 7/19/2012)   Cosponsors (1)
Latest Major Action: 7/19/2012 Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 468.

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 
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country.  The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court.  The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.