Tax News

CCH (cch.taxgroup.com) reports:

Senate Majority Leader Harry Reid, D-Nev., said late on June 25 that the Senate would temporarily suspend debate on housing legislation (HR 3221) and wait until after Congress returns from its July 4 recess because leaders on both sides of the aisle could not agree on how to proceed with amendments. The measure contains a $14 billion tax title proposed by Senate Finance Committee Chairman Max Baucus, D-Mont.
"...[R]ealistically, with this objection to the housing bill, it appears very clear to me that [it is] going to take more time and we will not be able to do that by the day after tomorrow, but we will complete it, "said Reid. "We have a short work period in July, and it is guaranteed we will complete the work on the housing bill the first week we get back," he said.
The latest glitch came when Sen. John Ensign, R-Nev., insisted on adding what Democrats considered a nongermane amendment that would add a package of renewable energy tax extenders to the bill.
White House Agenda
President Bush urged Congress to act on housing legislation once it returns from recess the week of July 7. "The Congress needs to come together and pass responsible housing legislation to help more Americans keep their homes," Bush said in a Rose Garden statement on June 26. The White House has issued veto threats on both the House and Senate housing packages, but Press Secretary Dana Perino on June 25 expressed guarded optimism that both chambers would be able to reach an agreement acceptable to the president.
By Jeff Carlson and Paula Cruickshank, CCH News Staff.