Daily Tax Update - March 4, 2013: Continuing Resolution Introduced

CONTINUING RESOLUTION INTRODUCED:  A bill to fund the government through September 30, the end of fiscal year 2013, and prevent a government shutdown after March 27 was introduced today by House Appropriations Committee Chairman Hal Rogers.  The bill helps some agencies lessen the cuts from the sequester that went into effect March 1.  Rogers said, “The legislation will avoid a government shutdown on March 27th, prioritize DOD and veterans programs, and allow the Pentagon some leeway to do its best with the funding it has.”  The bill is expected to be considered in the House on Thursday.

  • Ranking House Appropriations member Nita Lowey said, “I am pleased the Republican majority is finally advancing the long-delayed appropriations process.  I am disappointed, however, the proposal would lock most of the federal government into outdated plans and spending levels.”

TAX-WRITING COMMITTEES DISCUSS LOGISTICS FOR TAX REFORM:   A Senate Finance Committee aide said that Committee members are expected to begin meeting regularly in closed door meetings to work toward tax reform.  On Friday, Finance Committee Majority Chief Tax Counsel Lily Batchelder said, “They're used to meeting together, talking together. This is a much larger undertaking, but the process, in a way, may be similar in terms of just really in a painstaking but exciting way going through with each member where they are and what they think we should be doing.”  Batchelder said that Committee Chairman Max Baucus (D-MT) has held meetings with members of the Committee and will meet individually with the new members.   She said that Democratic and Republican staffers are working to develop options for discussion.

  • Finance Committee Republican Chief Tax Counsel Mark Prater added, “Part of our task here is to kind of take the members through these issues in terms of the engineering of the system, and what the pros and cons are on different options, and let them weigh that and gauge their interests. And I'm hopeful that that interest will grow, and grow beyond where it is now, and it's very positive now. But there is a lot of material and a lot of data that they will need to become familiar with in that process.”
  • Meanwhile, the House Ways and Means Committee announced a new email address,tax.reform@mail.house.gov, as another way for stakeholders, advocacy groups, and the public to share information, facts, and data relevant to the Committee's review of current federal income tax law within the Committee’s 11 Tax Reform Working Groups.  

MISCELLANEOUS GUIDANCE RELEASED:

Revenue Ruling 2013-6 announcing the rates of interest.  

TAX BILLS INTRODUCED  FEBRUARY 28TH:

1. 113rd] H.R.880 : To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.
Sponsor: Rep DeFazio, Peter A. [OR-4] (introduced 2/28/2013)      Cosponsors (20) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.886 : 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 2/28/2013)      Cosponsors (1) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.892 : To amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
Sponsor: Rep Reichert, David G. [WA-8] (introduced 2/28/2013)      Cosponsors (1) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


4. [113rd] H.R.901 : To amend the Internal Revenue Code of 1986 to provide for the logical flow of return information between partnerships, corporations, trusts, estates, and individuals to better enable each party to submit timely, accurate returns and reduce the need for extended and amended returns, to provide for modified due dates by regulation, and to conform the automatic corporate extension period to longstanding regulatory rule.
Sponsor: Rep Jenkins, Lynn [KS-2] (introduced 2/28/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


5. [113rd] H.R.903 : To amend the Internal Revenue Code of 1986 to repeal the employer health insurance mandate.
Sponsor: Rep Boustany, Charles W., Jr. [LA-3] (introduced 2/28/2013)      Cosponsors (3) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


6. [113rd] H.R.905 : To amend the Internal Revenue Code of 1986 to make the research credit permanent and to increase the alternative simplified research credit.
Sponsor: Rep Carney, John C., Jr. [DE] (introduced 2/28/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


7. [113rd] H.R.923 : To amend the Internal Revenue Code of 1986 to deny any deduction for direct-to-consumer advertisements of prescription drugs.
Sponsor: Rep Nadler, Jerrold [NY-10] (introduced 2/28/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


8. [113rd] H.R.924 : To amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.
Sponsor: Rep Pascrell, Bill, Jr. [NJ-9] (introduced 2/28/2013)      Cosponsors (2) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


9. [113rd] H.R.926 : To amend the Internal Revenue Code of 1986 to permit the Secretary of the Treasury to disclose certain return information related to identity theft, and for other purposes.
Sponsor: Rep Petri, Thomas E. [WI-6] (introduced 2/28/2013)      Cosponsors (3) 
Committees: House Ways and Means 
Latest Major Action: 2/28/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


10. [113rd] S.401 : A bill to amend the Internal Revenue Code of 1986 to provide for an investment tax credit related to the production of electricity from offshore wind.
Sponsor: Sen Carper, Thomas R. [DE] (introduced 2/28/2013)      Cosponsors (12) 
Committees: Senate Finance 
Latest Major Action: 2/28/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


11. [113rd] S.410 : A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions.
Sponsor: Sen Harkin, Tom [IA] (introduced 2/28/2013)      Cosponsors (2) 
Committees: Senate Finance 
Latest Major Action: 2/28/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


12. [113rd] S.411 : A bill to amend the Internal Revenue Code of 1986 to extend and modify the railroad track maintenance credit.
Sponsor: Sen Rockefeller, John D., IV [WV] (introduced 2/28/2013)      Cosponsors (3) 
Committees: Senate Finance 
Latest Major Action: 2/28/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


13. [113rd] S.420 : A bill to amend the Internal Revenue Code of 1986 to provide for the logical flow of return information between partnerships, corporations, trusts, estates, and individuals to better enable each party to submit timely, accurate returns and reduce the need for extended and amended returns, to provide for modified due dates by regulation, and to conform the automatic corporate extension period to longstanding regulatory rule.
Sponsor: Sen Enzi, Michael B. [WY] (introduced 2/28/2013)      Cosponsors (1) 
Committees: Senate Finance 
Latest Major Action: 2/28/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.