Tax News

CCH (cch.taxgroup.com) reports:

  Debate over eliminating the alternative minimum tax (AMT) roiled the House Ways and Means Committee on May 15, as lawmakers voted to extend a group of expiring business and family tax provisions, as well as a host of tax incentives to strengthen the production of renewable energy. By a vote of 25 to 12, the committee approved the Energy and Tax Extenders Bill of 2008 (HR 6049). The measure, which, was introduced by Chairman Charles B. Rangel, D-N.Y., will be considered by the full House on May 20, according to House Majority Leader Steny Hoyer, D-Md.

  Rangel tried to portray the extenders bill as a significant step toward reducing American dependence on foreign oil, but GOP lawmakers were more intent on their unsuccessful effort to add provisions that would repeal the AMT and extend the Bush tax cuts passed in 2001 and 2003. Democrats on the panel voted down those GOP amendments, following Rangel's criticism that the provisions, which were not offset by spending cuts or tax increases, would add to the federal budget deficit. The tax extenders bill would be paid for by taxing the deferred compensation paid to individuals by offshore companies and by delaying the implementation of the worldwide interest allocation benefit rules.

  By Stephen K. Cooper, CCH News Staff

Ways and Means Release: Ways and Means Extends Tax Relief to Families and Business

JCT Description of the Chairman's Mark of HR 6049, the Energy and Tax Extenders Act of 2008, JCX-39-08

JCT Estimated Revenue Effects of HR 6049, the Energy and Tax Extenders Act of 2008,
JCX-40-08

JCT Description of an Amendment in the Nature of a Substitute to the Provisions of HR 6049, JCX-41-08

JCT Estimated Revenue Effects of the Chairman's Amendment in the Nature of a Substitute to HR 6049, the Energy and Tax Extenders Act of 2008, JCX-42-08.