Daily Tax Update - March 14, 2014: House Passes "Doc Fix" Bill with Provision Delaying Healthcare Individual Mandate

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS  MARCH 25TH

HOUSE PASSES “DOC FIX” BILL WITH PROVISION DELAYING HEALTHCARE INDIVIDUAL MANDATE:  The House approved legislation (H.R. 4015) to permanently repeal and replace the Medicare physician payment system.  The bill contains a provision delaying the health care law's individual mandate for five years.  The House has passed numerous other bills delaying various provisions of the Affordable Care Act. President Obama has said that he would veto these bills if they reach his desk.

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Ruling 2014-11 announcing the rates of interest is attached and will appear in Internal Revenue Bulletin 2014-14, dated March 31, 2014.

Notice 2014-16 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code as in effect for plan years beginning before 2008. Notice 2014-16 will be in IRB 2014-14, dated arch 31, 2014.

TAX BILLS INTRODUCED MARCH 13TH:

1. [113rd] H.R.4237 : To amend the Internal Revenue Code of 1986 to provide that the volume cap for private activity bonds shall not apply to bonds for facilities for furnishing of water and sewage facilities. Sponsor: Rep Duncan, John J., Jr. [TN-2] (introduced 3/13/2014)      Cosponsors (1) Committees: House Ways and Means Latest Major Action: 3/13/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.4244 : To amend the Internal Revenue Code of 1986 to modify the small employer health insurance credit, and for other purposes. Sponsor: Rep Peters, Gary C. [MI-14] (introduced 3/13/2014)      Cosponsors (2) Committees: House Ways and Means Latest Major Action: 3/13/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] S.2135 : A bill to amend the Internal Revenue Code of 1986 to clarify that products derived from tar sands are crude oil for purposes of the Federal excise tax on petroleum, and for other purposes. Sponsor: Sen Markey, Edward J. [MA] (introduced 3/13/2014)      Cosponsors (1) Committees: Senate Finance Latest Major Action: 3/13/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


4. [113rd] S.2139 : A bill to amend the Internal Revenue Code of 1986 to extend the exclusion for small business stock, to provide incentives for small business high technology research investment, and for other purposes. Sponsor: Sen Menendez, Robert [NJ] (introduced 3/13/2014)      Cosponsors (1) Committees: Senate Finance Latest Major Action: 3/13/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.