Congress Getting Around to Taxes?

The House and Senate are working each working a number of pieces of tax legislation. Below is a brief summary of which bills might contain which provisions in each house. This is all subject to change by the hour, but hopefully it'll disambiguate what's up for consideration. House Action:
  • Putting together a package that includes both energy policy (outer continental shelf drilling) and energy tax provisions.
  • Has already passed a fully offset AMT patch in June and "tax extenders" in May
House Energy Tax Bill -- energy provisions only; combined with energy policy:
  • $19 billion (over 10 years)
  • Fully offset, mostly by repeal of oil and gas manufacturing deduction
  • Includes credits for wind and solar energy production; carbon dioxide capturing; building energy efficiency; and plug-in hybrid vehicles
  • Vote expected by end of weekd
Senate Action:
  • Combining energy tax policy with non-energy tax policy.
  • Non-energy tax policy includes "tax extenders" and AMT patch
  • Moving energy policy (OCS drilling) separately; to be voted on after tax bill
Senate Tax Bill -- energy and non-energy combined; excludes energy policy:
  • Composed of two amendments: one for energy-related tax policy and one for non-energy related provisions
  • First amendment: $18 billion in energy tax provisions, fully offset. This is a scaled back version of the bill proposed by Sens. Baucus and Grassley on Friday.
  • Second amendment: roughly $54 billion in tax extenders and $62 billion AMT patch
  • Tax extenders are partially offset, while AMT patch is not offset at all
CQ Politics: Coastal Drilling Debate Is Headed to House Floor Image by Flickr user Thomas Hawk used under a Creative Commons license
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