Daily Tax Update - September 19, 2012: Camp Says House Unlikely to Act on Extenders Before Election

CAMP SAYS HOUSE UNLIKELY TO ACT ON EXTENDERS BEFORE ELECTION:  Today, House Ways and Means Chairman Dave Camp said that it is unlikely that the House would act on the extenders package until after the November election.  The Senate Finance Committee has reported a $205 billion package of extenders and Senate Majority Leader Harry Reid has filed a cloture motion to bring the measure to the Senate floor. Camp would not comment on possible Senate action stating, "We have not completed looking at all of the 600 [public comments] we've gotten on it so I'm not really prepared to talk about extenders right now."  Congress is scheduled to recess at the end of this week until after the November election.

JOINT TAX COMMITTEE RELEASES REPORTS ON "BUFFET RULE" AND TAXATION OF CAPITAL GAINS:  The Joint Committee on Taxation has released reports on the estimated revenue effects of H.R. 6410, The "Buffett Rule Act Of 2012." 

  • The document can be accessed via: JCX-73-12.
  • The report on the taxation of capital gains can be accessed via: JCX-72-12.

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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