Tax News

CCH (cch.taxgroup.com) reports:

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Charles E. Grassley, R-Iowa, on November 16 introduced the Tax Technical Corrections Bill of 2007 (Sen 2374). The measure contains technical corrections needed with respect to the Tax Relief and Health Care Act of 2006 (P.L. 109-432), Title XII of the Pension Protection Act of 2006 (Provisions Relating to Exempt Organizations) (P.L. 109-280), the Tax Increase Prevention and Reconciliation Act of 2005 (P.L. 109-222), the Energy Policy Act of 2005 (P.L. 109-58), the American Jobs Creation Act of 2004 (P.L. 108-357) and other tax legislation. House Ways and Means Committee Chairman Charles B. Rangel, D-N.Y., and ranking member Jim McCrery, R-La., introduced an identical measure in the House as HR 4195.
Technical corrections measures are routine for major tax acts and are necessary to ensure that the provisions of the acts are working consistently with congressional intent, or to provide clerical corrections. Because these measures carry out congressional intent, no revenue gain or loss is scored from them.
"By filing this bill, we hope interested parties and practitioners will comment and provide direction on further edits, additions, or deletions," said Baucus in a floor statement. The senior lawmaker said comments should be submitted in a timely manner as the committee hopes to move the corrections package in December, if possible.
The staffs of the Senate Finance and Ways and Means Committees, in consultation with the staffs of the Joint Committee on Taxation and the Treasury Department, continue to evaluate additional proposals for other technical corrections that may be necessary to achieve congressional intent with respect to other tax legislation, according to a release from the Finance Committee.
By Jeff Carlson, CCH News Staff
SFC Release: Baucus, Grassley Introduce Tax Technical Corrections Bill
Tax Technical Corrections Act of 2007, Sen 2374
Introduction to Tax Technical Corrections Act of 2007, Sen 2374
JCT Description of the Tax Technical Corrections Act of 2007, JCX-109-07