The Joint Committee on Taxation has issued issued Description And Analysis Of Certain Federal Tax Provisions Expiring In 2005 And 2006 (JCX-12-05) (113 pages) in connection with today’s 10 a.m. hearing by the Senate Finance Committee on tax provisions expiring in 2005 and 2006:

This document, prepared by the staff of the Joint Committee on Taxation, includes a description and analysis of these provisions.

In general, this document discusses tax provisions expiring in 2005, except those relating to the following areas: (1) individual income tax provisions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (“JGTRRA”), except those expiring in 2005; (2) provisions relating to retirement plans and retirement savings; (3) provisions relating to transportation; and (4) provisions relating to Puerto Rico. In addition, this document discusses tax provisions expiring in 2006 that relate to tax incentives for investment in the New York Liberty Zone.

This document begins with a summary listing of the provisions discussed in this document. Following the summary listing, Parts I through IV of this document describe in detail the relevant Federal tax provisions relating to individual taxpayers, business taxpayers, State and local governments, and tax administration, respectively.