Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Congressional News
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House Holds Hearing Today on Katrina Redevelopment Tax Issues
The Subcommittee on Oversight of the House Ways & Means Commitee holds a hearing today on Katrina Redevelopment Tax Issues. From the announcement: In response to the extensive damage caused by a series of hurricanes in 2005, the Congress enacted the Gulf Opportunity Zone Act ( P.L. 109-135). This Act provided additional low-income housing tax
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House Holds Hearing Today on the AMT
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on the Alternative Minimum Tax: The Subcommittee will examine the growing scope of the AMT and its interaction with individual-based tax provisions, including the tax cuts enacted since 2001. Witnesses: Eric Solomon (Assistant Secretary for Tax Policy, U.S. Treasury Department)
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JEC Holds Hearing Today on Meeting the Challenge of Income Instability
The Joint Economic Committee holds a hearing today on Meeting the Challenge of Income Instability: Panel I: Peter Orszag (Director, Congressional Budget Office) Panel II: Lael Brainard (Vice President and Director, Global Economy and Development, The Brookings Institution) Maurice Emsellem (Public Policy Director, National Employment Law Project) Lily L. Batchelder (Assistant Professor, NYU) Bradley Schiller
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House Holds Hearing Today on Energy and Tax Policy
The House Ways & Means Committee holds a a hearing today on Energy and Tax Policy. From the announcement: For the past decade, there has been significant debate regarding the topic of global warming. Recent scientific evidence indicates that our dependence on fossil fuels as a source of energy is having an adverse impact on
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Rep. Markey Wants Action Against Phony IRS Web Sites
Rep. Edward J. Markey (D-Mass), Chair of the House Subcommittee on Telecommunications and the Internet, sent a letter yesterday to Treasury Secretary Henry Paulson, Federal Trade Commission Chair Deborah Majoras, and IRS Commissioner Mark Everson requesting that they take action to prevent taxpayers from being misled into disclosing important data to phony IRS web sites
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Joint Tax Committee Releases List of Expiring Federal Tax Provisions 2006-2020
The Joint Committee on Taxation has reissued List of Expiring Federal Tax Provisions 2006 – 2020 (JCX-1-07R) This document, prepared by the staff of the Joint Committee on Taxation, provides a listing of Federal tax provisions (other than those providing time-limited transition relief after the repeal of an underlying rule) that are currently scheduled to
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House Holds Hearing Today on Earned Income Tax Credit Outreach
The Subcommittee on Oversight of the House Ways & Means Committee holds a hearing today on Earned Income Tax Credit Outreach: In 2006, approximately 22 million low-income families and individuals claimed the Earned Income Tax Credit. The benefits of the EITCt are not reaching a large number of low-income workers and their families. An estimated
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Ways & Means Committee Unanimously Approves Small Business Tax Relief Act
The House Ways & Means Committee yesterday passed by unanimous consent H.R. 976, the Small Business Tax Relief Act of 2007 Legislative Documents: Text of Original Bill Ways & Means Staff Summary of Original Bill Joint Committeee on Taxation Description of Original Bill (JCX-7-07) Joint Committee on Taxation Estimated Revenue Effects of Original Bill (JCX-8-07)
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House Marks Up Small Business Tax Relief Act Today
The House Ways & Means Committee today marks up H.R. 976, the Small Business Tax Relief Act of 2007: Text of Bill Ways & Means Staff Summary of Bill Ways & Means Committee Press Release Joint Committeees on Taxation Description (JCX-7-07) Joint Committee on Taxation Estimated Revenue Effects (JCX-8-07)
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Grassley Criticizes Olson’s Position on Private Tax Collection
We previously blogged National Taxpayer Advocate Nina E. Olson’s 2006 Annual Report to Congress, in which she criticized the IRS’s private debt collection program. On Friday, Senate Finance Committee Ranking Member Charles Grassley issued a detailed criticism of Olson’s position Grassley outlined his concerns that the national taxpayer advocate called for repeal of the program
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Senate Holds Hearing on Reducing the Tax Gap
The Senate Budget Committee held a hearing yesterday on The Growing Tax Gap and Strategies for Reducing It. Here are the witness statements from: Robert S. McIntyre (Director, Citizens for Tax Justice) Michael Brostek (Director of Tax Issues, Government Accountability Office) John Satagaj (Small Business Legislative Counsel, Small Business Tax Compliance & Fairness Coalition) To
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The Small Business and Work Opportunity Act of 2007
The Senate Finance Committee has released additional legislative documents on S. 349, The Small Business and Work Opportunity Act of 2007, unanimously approved by the committee last week Legislative Text Committee Report Estimated Revenue Effects Staff Summary Revised Joint Committee Summary Revised Joint Commitee Revenue Estimate
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17 Democratic Senators File Bill to Stop IRS’s Private Debt Collection Program
Seventeen Democratic senators yesterday filed legislation to stop the IRS’s private debt collection program. From Sen. Byron Dorgan’s (D-ND) press release: Legislation introduced by U.S. Senators Byron Dorgan (D-ND) and Patty Murray (D-WA) and more than a dozen Senate colleagues Thursday would stop the Internal Revenue Service (IRS) from using private debt collectors to collect
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Senate Finance Committee Unanimously Approves Tax Bill
The Senate Finance Committee yesterday unanimously approved The Small Business and Work Opportunity Act of 2007. Legislative Documents: Staff Summary Revised Joint Committee Summary Revised Joint Commitee Revenue Estimate Press Reports: Associated Press Bloomberg Reuters Wall Street Journal Washington Post
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Senate Holds Hearing Today on Proposal to Cap Deferred Executive Compensation at $1 Million
The Senate Finance Committee holds a hearing today at 10:00 a.m. in 215 Dirksen Senate Office Building to consider The Small Business and Work Opportunity Act of 2007, which includes a controversial provision to cap the amount of deferred compensation at $1 million annually: The annual deferral on behalf of an individual to nonqualified deferred
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Senate Holds Hearing Today on Tax Incentives for Businesses in Response to a Minimum Wage Increase
The Senate Finance Committee holds a hearing today on Tax Incentives for Businesses in Response to a Minimum Wage Increase. Here are the witnesses scheduled to testify: Dr. Jared Bernstein, Director, Living Standards Program, Economic Policy Institute, Washington, D.C. Dr. Joseph Sabia, Assistant Professor of Housing and Consumer Economics, College of Family and Consumer Sciences,
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Baucus & Grassley Introduce Legislation to Repeal AMT
Senators Max Baucus (D-Mont.) and Charles Grassley (R-Iowa), incoming and outgoing Chaisr of the Senate Finance Committee, yesterday introduced The Individual Alternative Minimum Tax Repeal Act of 2007: Press Release Text of Bill Floor Statement of Sen. Baucus
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Baucus Introduces Research Competitiveness Act of 2007
Senator Max Baucus (D-Mont.), incoming Chair of the Senate Finance Committee, yesterday introduced The Research Competitiveness Act of 2007. Among other things, the bill would make permanent the R&D tax credit. Press Release Text of Bill Summary of Bill
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Final Tax Extenders Legislative Text
The full 557-page text of the final version of H.R. 6111, The Tax Relief and Health Care Act of 2006, as passed by the House and Senate on December 9, is available here.
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Tax Extenders Roundup
Legislative Documents on H.R. 6111, the Tax Relief and Health Care Act of 2006: House Ways & Means Committee Overview House Ways & Means Committee Short Summary House Ways & Means Committee Detailed Summary Legislative Text Joint Committee on Taxation Description Joint Committee on Taxation Revenue Estimate CBO Score Summary of House Amendment Senate Finance
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Baucus Lifts Hold on Solomon’s Nomination for Assistant Treasury Secretary for Tax Policy
From Bloomberg: Max Baucus, the top-ranking Democrat on the Senate Finance Committee, agreed to allow a confirmation vote on the nomination of Eric Solomon as the administration’s top tax official after a five-month block. Baucus refused to allow the committee to vote on the nomination because he wasn’t satisfied with the Treasury’s response to his
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House Passes Bill to Give Tax Court Jurisdiction Over Innocent Spouse Claims
The House yesterday passed by voice vote H.R. 6011 to give the Tax Court jurisdiction to review innocent spouse relief claims that have been denied by IRS. The bill also would suspend the running of the statute of limitations while such claims are pending.
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Joint Tax Committee Releases Tax Incentives for Higher Education
The Joint Committee on Taxation has issued Present Law and Background Relating to Tax Exemptions and Incentives for Higher Education (JCX-49-06) in connection with a yesterday’s Senate Finance Committee hearing (blogged here): This document, prepared by the staff of the Joint Committee on Taxation, provides a description of present law and a discussion of selected
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Senate Holds Hearing Today on Tax Exemptions and Incentives for Higher Education
The Senate Finance Committee holds a hearing today on Report Card on Tax Exemptions and Incentives for Higher Education: Pass, Fail, or Need Improvement?, with testimony from: Daniel Golden (Deputy Bureau Chief, Boston Bureau, Wall Street Journal) Bridget Terry Long (Professor of Education & Economics, Harvard University) James Johnson Duderstadt (Professor of Science and Engineering,