Daily Tax Update - March 15, 2013: Finance Committee Outlines Plans for Advancing Tax Reform

FINANCE COMMITTEE OUTLINES PLANS FOR ADVANCING TAX REFORM:  Today, Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch discussed plans for the committee to begin developing a proposal for comprehensive tax reform.  The Senators said that the committee will convene weekly to discuss the topics and collect feedback from members on a wide range of options.  The discussion papers will cover a variety of topics including: “examining the tax treatment of small businesses and corporate investment; families and children; education expenditures; different types of income and tax structures; international taxation; charitable giving and tax-exempt organizations; and many others.”  The first topic to be discussed on March 21 will focus on simplifying the tax code for America’s families.

  • Baucus said, “Over the next several months, we will gather as a committee, on a bipartisan basis, to discuss a wide range of options for tax reform.  We will collect input and feedback from all members and take on this challenge working together.  Tax reform is sure to be a challenge, but one we are ready to take on.”
  • Hatch said, “Reforming America’s burdensome and overly-complex tax code is an absolute imperative to build a strong and robust economy that will grow jobs, increase families take home pay and help our job creators compete in an increasingly competitive world.  By bringing members of the Finance Committee together, we can hopefully move from just talking about tax reform and bring together consensus ideas to bring real reform to bear that American families and businesses rightly deserve.”

 TAX BILLS INTRODUCED MARCH 13:

1. [113rd] H.R.1111 : To amend the Internal Revenue Code of 1986 to impose a 500 percent excise tax on corporate contributions to political committees and on corporate expenditures on political advocacy campaigns.
Sponsor: Rep Grayson, Alan [FL-9] (introduced 3/13/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 3/13/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.1125 : To amend the Internal Revenue Code of 1986 to provide for an exclusion for assistance provided to participants in certain veterinary student loan repayment or forgiveness programs.
Sponsor: Rep Schrader, Kurt [OR-5] (introduced 3/13/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 3/13/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.1140 : To amend the Internal Revenue Code of 1986 to permit the medical expenses of dependents who have not attained age 27 to be paid from a heath savings account.
Sponsor: Rep Owens, William L. [NY-21] (introduced 3/13/2013)      Cosponsors (None) 
Committees: House Ways and Means 
Latest Major Action: 3/13/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


4. [113rd] S.553 : A bill to amend the Internal Revenue Code of 1986 to provide for an exclusion for assistance provided to participants in certain veterinary student loan repayment or forgiveness programs.
Sponsor: Sen Johnson, Tim [SD] (introduced 3/13/2013)      Cosponsors (15) 
Committees: Senate Finance 
Latest Major Action: 3/13/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.