Congress Getting Around to Taxes?
by Craig Jennings, 9/16/2008
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
- $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
- 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
- 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
