Thursday, Nov. 1, at 11:00 a.m., the House Ways and Means Committee will conduct a mark-up of the Temporary Tax Relief Act of 2007 -- the short-term portion of the broad tax reform bill that Committee chair Rangel unveiled last week. It provides both for a one-year patch for the AMT and for a package extending a number of popular tax credits and deductions for two years. The Temporary Tax Relief Act will not be introduced with offsets. But it is expected that a set of offsets will be offered as an amendment during the mark-up. While the full complement of offsets has not yet been decided, the two offsets almost certain to be included are one closing the carried interest loophole for fund managers and another disallowing indefinite deferral of compensation earned by companies overseas. More details as they become available...