Daily Tax Update - July 27, 2012: Joint Tax Committee Revenue Estimates of Senate Tax Cut Bill

JOINT TAX COMMITTEE RELEASES REVENUE ESTIMATES OF SENATE TAX CUT BILL:  The Joint Committee on Taxation has released the revenue estimates for the Middle Class Tax Cut Act (S. 3412), which would temporarily extend most current income tax rates.  The bill would let the top two rates and the estate tax rise and would reduce revenues by $249.7 billion from 2013 to 2022.

  • The House is expected to consider the bill next week.
  • The document can be accessed here:

TAX BILLS INTRODUCED JULY 26TH:

1. 112th] H.R.6205 : To amend the Internal Revenue Code of 1986 to prevent identity theft and tax fraud, and for other purposes.
Sponsor: Rep Nugent, Richard [FL-5] (introduced 7/26/2012)   Cosponsors (None)Committees: House Ways and Means
Latest Major Action: 7/26/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.6206 : To amend the Internal Revenue Code of 1986 to permanently extend the tax treatment for certain build America bonds, and for other purposes.
Sponsor: Rep Neal, Richard E. [MA-2] (introduced 7/26/2012)   Cosponsors (14)Committees: House Ways and Means
Latest Major Action: 7/26/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

3. [112th] H.R.6209 : To amend the Internal Revenue Code of 1986 to allow qualified scholarship funding corporations to access tax-exempt financing for alternative private student loans.
Sponsor: Rep Marchant, Kenny [TX-24] (introduced 7/26/2012)   Cosponsors (1)Committees: House Ways and Means
Latest Major Action: 7/26/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

4. [112th] H.R.6212 : To amend the Internal Revenue Code of 1986 to make qualified biogas property eligible for the energy credit and to permit new clean renewable energy bonds to finance qualified biogas property.
Sponsor: Rep Kind, Ron [WI-3] (introduced 7/26/2012)   Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 7/26/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

5. [112th] H.R.6225 : To amend the Internal Revenue Code of 1986 to provide for economic growth and personal financial liberty, and for other purposes.
Sponsor: Rep Walberg, Tim [MI-7] (introduced 7/26/2012)   Cosponsors (None)Committees: House Ways and Means
Latest Major Action: 7/26/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

6. [112th] H.R.6226 : To amend the Internal Revenue Code of 1986 to extend the nonbusiness energy property credit to include the insulation component of insulated siding.
Sponsor: Rep Welch, Peter [VT] (introduced 7/26/2012)   Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 7/26/2012 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.

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.