Meanwhile, the Tax Bill

By September 26, 2008Energy, Taxation

From CQ, “House Sticks with Offsets for Tax Extenders“:

The House is drawing the boundaries of a tax fight with the Senate as it prepares to pass a $61.7 billion bill that shrinks the gap between the two chambers’ positions but leaves major unresolved differences.

The continued stalemate and the apparent lack of negotiations are worrying industry groups that depend on seeing their tax breaks extended. The dispute, over the extent to which Congress should offset the cost of extending expiring tax breaks, raises the possibility that many popular tax provisions will expire.

Bloomberg, “House delays vote on tax measure.”

WASHINGTON – The US House put off until at least today a vote on a tax measure that is different from a Senate-passed bill and could jeopardize enactment of solar energy tax breaks and other expiring incentives.

House Ways and Means chairman Charles Rangel urged the Senate to not miss the opportunity to make measure into law.
The White House Office of Management and Budget issued a statement warning of a veto by President Bush because the House measure raises taxes and separates an alternative minimum tax proposal in the Senate package from the main bill.
First legislation up today on the calendar of the House, which has just convened:

H.R. 7060 Renewable Energy and Job Creation Tax Act of 2008 (Rep. Rangel – Ways and Means) (Subject to a Rule)

Statement of Administration Policy:

As outlined in a Statement of Administration Policy to the Senate dated September 23, 2008, the Administration supports the bipartisan compromise agreed to overwhelmingly in the Senate. That compromise provides protection for about 26 million Americans from an unwelcome tax increase in the form of the Alternative Minimum Tax and would extend current law relating to certain business and individual tax incentives. The Administration is disappointed that the House has decoupled this legislation from AMT relief and insisted on raising taxes on certain classes of Americans in order to extend current law. By doing so, the House invites certain delay of this important piece of legislation being signed into law, which could disrupt the upcoming individual income tax filing season, and potentially delay tax refunds for American families. The Administration urges the House to adopt the Senate Amendments to H.R. 6049 passed by the Senate on September 23, 2008, in their entirety. If H.R. 7060 were presented to the President, his senior advisors would recommend that he veto this bill.

House Majority Leader Hoyer’s statement.

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