Daily Tax Update - August 3, 2012: House Votes Against Adjourning for August Recess

HOUSE VOTES AGAINST ADJOURNING FOR AUGUST RECESS: The House voted Thursday against adjourning for the August break.  Democrats argued that the House should stay in session and finish its work on several issues, including the farm bill and middle-class tax relief.  The vote was 150 to 265 against adjourning.

  • Minority Leader Nancy Pelosi said, "The Republican majority is prepared to adjourn the House of Representatives to leave for the August district work period without accomplishing what the American people have sent us here to do.  They want us to create jobs.  They want us to reduce the deficit.  And they want us to do a middle-income tax cut, which the president has suggested and the American people overwhelmingly support.  Pelosi added, "Instead, we have no jobs agenda, no tax cuts for the middle class, no farm bill, no Violence against Women Act, no cybersecurity strategy."
  • The Constitution says "Neither House, during the Session of Congress, shall, without the Consent of the other, adjourn for more than three days. . . ."  Since the adjournment resolution was defeated in the House, the House and Senate will remain in a pro forma session during the August recess.  Neither body is expected to conduct any formal legislative business during the recess.

SENATE CONFIRMS TREASURY NOMINEES:  The Senate has confirmed by voice vote Mark Mazur as Treasury Assistant Secretary for Tax Policy.  Mazur currently serves as Treasury Deputy Assistant Secretary for Tax Analysis.  The Senate also confirmed Matthew Rutherford as Treasury Assistant Secretary for Financial Markets.

TAX BILLS INTRODUCED AUGUST 2ND:

1. [112th] H.R.6276 : To amend the Internal Revenue Code of 1986 to provide for Commercial Fishing, Farm, and Ranch Risk Management Accounts, and for other purposes.
Sponsor: Rep Landry, Jeffrey M. [LA-3] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

2. [112th] H.R.6287 : To amend the Internal Revenue Code of 1986 to exclude from gross income any prizes or awards won in competition in the Olympic Games and Paralympic Games.
Sponsor: Rep Richardson, Laura [CA-37] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

3. [112th] H.R.6289 : To amend the Internal Revenue Code of 1986 to expand access to Coverdell education savings accounts.
Sponsor: Rep Gardner, Cory [CO-4] (introduced 8/2/2012)   Cosponsors (6)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

4. [112th] H.R.6295 : To amend the Internal Revenue Code of 1986 to encourage the building of housing for moderate income seniors.
Sponsor: Rep Baca, Joe [CA-43] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

5. [112th] H.R.6316 : To amend the Internal Revenue Code of 1986 to exclude from income and employment taxes real property tax abatements for seniors and disabled individuals in exchange for services.
Sponsor: Rep Frank, Barney [MA-4] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

6. [112th] H.R.6319 : To amend the Internal Revenue Code of 1986 to provide for startup businesses to use a portion of the research and development credit to offset payroll taxes.
Sponsor: Rep Gerlach, Jim [PA-6] (introduced 8/2/2012)   Cosponsors (1)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

7. [112th] H.R.6323 : To amend the Internal Revenue Code of 1986 to increase the credit limitation for new qualified plug-in electric drive motor vehicles.
Sponsor: Rep Hahn, Janice [CA-36] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

8. [112th] H.R.6325 : To amend the Internal Revenue Code of 1986 to allow a deduction for higher education expenses in a program of study in science, technology, engineering, or mathematics.
Sponsor: Rep Hanna, Richard L. [NY-24] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

9. [112th] H.R.6329 : To amend the Internal Revenue Code of 1986 to make the research credit permanent, to increase the research credit for businesses manufacturing in the United States, and to make the research credit refundable for small businesses.
Sponsor: Rep Hochul, Kathleen C. [NY-26] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the House Committee on Ways and Means.

10. [112th] H.R.6338 : To amend the Internal Revenue Code of 1986 to reduce greenhouse gas emissions by requiring a Federal emission permit for the sale or use of covered substances, reduce the deficit, and return funds to the American people.
Sponsor: Rep McDermott, Jim [WA-7] (introduced 8/2/2012)   Cosponsors (4)
Committees: House Ways and Means; House Energy and Commerce
Latest Major Action: 8/2/2012 Referred to House committee.
Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

11. [112th] H.R.6341 : To amend the Internal Revenue Code of 1986 to allow a partial exclusion under section 911 for foreign earned income of employees of United States Government contractors who do not fulfill their foreign country residency requirements by reason of an Armed Forces troop reduction or similar cause beyond the employer's control.
Sponsor: Rep Palazzo, Steven M. [MS-4] (introduced 8/2/2012)   Cosponsors (None)
Committees: House Ways and Means
Latest Major Action: 8/2/2012 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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