Daily Tax Update - April 24, 2013: Baucus Plans to “Double Down” on Tax Reform Efforts

BAUCUS PLANS TO “DOUBLE DOWN” ON TAX REFORM EFFORTS:  After announcing yesterday that he would retire at the end of his term in 2014, Senate Finance Committee Chairman Max Baucus said today that he will "double down" on his tax reform efforts.  Baucus said, “I've got a lot more free time now. . . . I don't have to campaign.  I don't have to go around the country fundraising."  Baucus said that the Administration, congressional leadership, and tax-writing committees need to come to an agreement on the process for tax reform.  Baucus said, “Basically, we need an agreement on the process, what's the best process that will enable us to get there.  And it's not yet been agreed to.  We've just got to get that worked out, the sooner the better."

House Ways and Means Chairman Dave Camp said today, “I actually think it makes tax reform more likely because he will be able to devote, as he said in his statement, his full attention to his responsibilities as chairman.”

MISCELLANEOUS GUIDANCE RELEASED:
Announcement 2013-30 provides that for payments due in 2013, a 2012-2013 fiscal year partnership should pay withholding tax under section 1446 on effectively connected taxable income allocable to foreign individual partners at the rates in effect in 2012. 

TAX BILLS INTRODUCED APRIL 23:

1. [113rd] H.R.1674 : To amend the Internal Revenue Code of 1986 to deny the refundable portion of the child tax credit to individuals who are not authorized to be employed in the United States and to terminate the use of certifying acceptance agents to facilitate the application process for ITINs.
Sponsor: Rep Bilirakis, Gus M. [FL-12] (introduced 4/23/2013)      Cosponsors(None) 
Committees: House Ways and Means 
Latest Major Action: 4/23/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.1675 : To amend the Internal Revenue Code of 1986 to permit health plans without a deductible for prenatal, labor and delivery, and postpartum care to be treated as high deductible plans with respect to health savings accounts.
Sponsor: Rep Cassidy, Bill [LA-6] (introduced 4/23/2013)      Cosponsors (10) 
Committees: House Ways and Means 
Latest Major Action: 4/23/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] H.R.1686 : To amend the Internal Revenue Code of 1986 to impose a retail tax on disposable carryout bags, and for other purposes.
Sponsor: Rep Moran, James P. [VA-8] (introduced 4/23/2013)      Cosponsors(3) 
Committees: House Ways and Means; House Natural Resources 
Latest Major Action: 4/23/2013 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Natural Resources, 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.


4. [113rd] S.779 : A bill to amend the Internal Revenue Code of 1986 to provide for reporting and disclosure by State and local public employee retirement pension plans.
Sponsor: Sen Burr, Richard [NC] (introduced 4/23/2013)      Cosponsors (2) 
Committees: Senate Finance 
Latest Major Action: 4/23/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


5. [113rd] S.791 : A bill to amend the Federal Election Campaign Act of 1971 and the Internal Revenue Code of 1986 to require the disclosure of contributions and expenditures for independent Federal election-related activity, and for other purposes.
Sponsor: Sen Wyden, Ron [OR] (introduced 4/23/2013)      Cosponsors (1) 
Committees: Senate Finance 
Latest Major Action: 4/23/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.