Tax News

CCH (cch.taxgroup.com) reports:

  The Senate, following in the footsteps of House lawmakers, quickly passed the Food, Conservation, and Energy Act of 2008 (HR 2419) on May 15 with enough support to override a promised veto from President Bush. Senators voted 81 to 15 to pass the legislation, which includes a package of agricultural tax provisions and a cap on the tax credit for ethanol production. In remarks to reporters, Sen. Saxby Chambliss, R-Ga., the ranking member of the Senate Committee on Agriculture, Nutrition and Forestry, called the farm bill a complicated piece of legislation that affects different facets of agriculture. He said the bill's strong bipartisan support should encourage the president to sign the measure.

  "I hope the message that the White House understands is that this is a very popular bill, that it is not perfect, but it does help touch the lives in a positive way of people all across this great country," Chambliss said. The House and Senate on May 14 also passed HR 6051, a bill to provide for a temporary extension of programs authorized by the Farm Security and Rural Investment Act of 2002 through May 23, 2008, or until President Bush signs HR 2419. "That should give us enough time, hopefully, for the president to think long and hard and sign it, or, if it comes to that, for us to have an override vote," said Senate Agriculture Committee Chairman Tom Harkin, D-Iowa.

  By Stephen K. Cooper, CCH News Staff

Senate Overwhelmingly Approves Farm Legislation with Disaster Assistance, Tax Reforms, Tax Relief