Tax News

CCH (cch.taxgroup.com) reports:

  The House Ways and Means Committee plans to hold a markup on May 15 of the Energy and Tax Extenders Bill of 2008 (HR 6049), a bill introduced by Committee Chairman Charles B. Rangel, D-N.Y., that would provide tax relief to families and businesses, while boosting incentives for the creation of renewable energy. Rangel said his legislation, which is intended to encourage businesses to invest in new technology, will extend a host of tax provisions that expire at the end of 2008. "This bill would also help companies move forward with critical investments to build new technologies and provide incentives for renewable energy and energy conservation to help reduce our nation's dependence on foreign oil," he said in a statement.

  Among its provisions, the bill would provide deductions for state and local sales taxes, tuition and education expenses, out-of-pocket teacher expenses and property taxes for non-itemizers. The bill also includes provisions to expand the refundable child tax credit and extend the research and development credit. In addition to those provisions, the bill would also extend tax credits for energy produced from solar, biomass, geothermal, hydropower, landfill gas and solid waste.

  By Stephen K. Cooper, CCH News Staff

Ways and Means Release: Rangel Bill Would Provide Tax Relief to Families and Businesses

Energy and Tax Extenders Act of 2008, HR 6049

Ways and Means Summary of the Energy and Tax Extenders Act of 2008, HR 6049