Tax News

CCH (cch.taxgroup.com) reports:

  White House Press Secretary Dana Perino on September 17 said that she does not expect Congress to reach agreement on a comprehensive energy bill acceptable to the president. The administration issued a veto threat against the House-passed energy measure (HR 6899) on September 16 strongly opposing several "poison pill" provisions in it, including one that would require multinational corporations to forgo Code Sec. 199 tax breaks in order to use the revenue to fund renewable energy and conservation measures.

  "We don't believe tax increases are the right way to move forward on an energy bill," Perino asserted at a press briefing on September 17. She added, "My worry is not that Congress is going to send a bill to the president that he would have to veto; I think our worry is that the Congress, after all of this debate and all of this rhetoric, they are not even going to produce a bill that they could pass."

  White House Deputy Press Secretary Scott Stanzel later noted that an anticipated bipartisan Senate agreement on tax extenders includes renewable energy incentives "without raising taxes in other places and it ... is not contingent on an energy bill passing." The tentative agreement would extend dozens of expired and expiring provisions, including tax incentives for renewable energy, and a one-year patch for the alternative minimum tax (TAXDAY, 2008/09/17, C.1).

  By Paula Cruickshank, CCH News Staff

Comprehensive American Energy Security and Consumer Protection Act of 2008, HR 6899

Legislative Text for the SFC Summary Amendment to the Substitute Amendment to HR 6049, the Energy Improvement and Extension Act of 2008

SFC Amendment in the Nature of a Substitute to HR 6049, the Energy Improvement and Extension Act of 2008

SFC Estimated Revenue Effects of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 (Very Preliminary)

SFC Estimated Revenue Effects of the Energy Improvement and Extension Act of 2008 (Very Preliminary)

SFC Summary --Amendment to the Substitute Amendment to HR 6049

SFC Summary --The Energy Improvement and Extension Act of 2008