Daily Tax Update - November 20, 2013: Baucus Releases Tax Administration Discussion Draft

BAUCUS RELEASES TAX ADMINISTRATION DISCUSSION DRAFT:  Today, Senate Finance Chairman Max Baucus released proposed reforms to the administration of U.S. tax laws. The discussion draft outlines several reforms to “modernize tax administration, minimize compliance burdens, reduce tax-related identity theft, and shrink the tax gap.”  Tomorrow, Baucus plans to release proposals to reform cost recovery and accounting.  Feedback on the tax administration discussion draft is requested by January 17, 2014.

The discussion draft offers proposals to:

  • “Simplify the tax filing process and greater utilize technology.
  • Provide the IRS with new tools to combat tax-related identity theft and assist victims of this crime.
  • Reduce the tax gap by increasing information reporting and providing IRS with additional collection tools.”

A detailed summary of the tax administration staff discussion draft can be found here, and a one-pager on the draft can be found here.

The full staff discussion draft in legislative language can be found here.

TAX BILLS INTRODUCED NOVEMBER 19:

1. [113rd] H.R.3535 : To amend the Internal Revenue Code of 1986 to authorize a new empowerment zone designations for urban areas with high unemployment and high foreclosure rates, and for other purposes.
Sponsor: Rep McNerney, Jerry [CA-9] (introduced 11/19/2013)      Cosponsors (1) 
Committees: House Ways and Means 
Latest Major Action: 11/19/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

2. [113rd] H.R.3537 : To amend the Internal Revenue Code of 1986 to make permanent the credit for increasing research activities, to increase such credit for amounts paid or incurred for qualified research occurring in the United States, and to increase the domestic production activities deduction for the manufacture of property substantially all of the research and development of which occurred in the United States.
Sponsor: Rep Edwards, Donna F. [MD-4] (introduced 11/19/2013)      Cosponsors (6) 
Committees: House Ways and Means 
Latest Major Action: 11/19/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.

3. [113rd] S.1735 : A bill to amend the Public Health Service Act, the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1986 to exclude from the definition of health insurance coverage certain medical stop-loss insurance obtained by certain plan sponsors of group health plans.
Sponsor: Sen Alexander, Lamar [TN] (introduced 11/19/2013)      Cosponsors (9) 
Committees: Senate Health, Education, Labor, and Pensions 
Latest Major Action: 11/19/2013 Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

4. [113rd] S.1737 : A bill to provide for an increase in the Federal minimum wage and to amend the Internal Revenue Code of 1986 to extend increased expensing limitations and the treatment of certain real property as section 179 property.
Sponsor: Sen Harkin, Tom [IA] (introduced 11/19/2013)      Cosponsors (1) 
Latest Major Action: 11/19/2013 Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.