Daily Tax Update - March 6, 2013: House Passes Full-Year Continuing Appropriations Act

THE DAILY TAX UPDATE WILL BE PUBLISHED WHEN CONGRESS RETURNS ON MARCH 12

HOUSE PASSES FULL-YEAR CONTINUING APPROPRIATIONS ACT:  The House passed (by a vote of 267 to 151) legislation that would provide the government agencies, including the IRS, with discretionary funds for the rest of 2013.  The $982 billion measure would ensure that the government remains open past March, but allows the sequester to remain in place.  House Appropriations Committee Chairman Hal Rogers said, “While we're waiting for the Senate to send us a bill relieving us of sequestration, while we're waiting for the president to send us something to relieve us of sequestration, we have no choice but to pass a continuing resolution to keep the government operating.”  House Minority Leader Nancy Pelosi said, “The Senate isn't going to accept this bill.”

TAX BILLS INTRODUCED MARCH 5:

1.[113rd] H.R.947 : To amend the Internal Revenue Code of 1986 to expand the availability of the cash method of accounting for small businesses, and for other purposes.
Sponsor: Rep Schock, Aaron [IL-18] (introduced 3/5/2013)      Cosponsors (1) 
Committees: House Ways and Means 
Latest Major Action: 3/5/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.952 : To amend the Internal Revenue Code of 1986 to allow small businesses to defer the payment of certain employment taxes.
Sponsor: Rep Swalwell, Eric [CA-15] (introduced 3/5/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 3/5/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.956 : To amend the Internal Revenue Code of 1986 to treat certain amounts paid for physical activity, fitness, and exercise as amounts paid for medical care.
Sponsor: Rep Kind, Ron [WI-3] (introduced 3/5/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 3/5/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.