Author
Tax Policy Group, Deloitte Tax LLP

• House Approves Housing Assistance Package Paid for by Basis Reporting, Delay in Worldwide Interest Allocation Election – In a push to tie up loose ends before the Memorial Day recess, the House approved a 10-year housing assistance package that would be paid for in part with provisions to require basis reporting on securities sales and delay the implementation of the worldwide interest allocation election; but White House advisors have already suggested a veto, claiming the legislation does little for the housing market.
• Senate Dems Revive Familiar Oil & Gas Company Revenue Raisers to Bankroll Energy Price Relief Bill – Senate Democrats unveiled legislation to address record-high gas prices that would be offset with two familiar revenue raisers from last year’s stalled energy tax legislation and a windfall profits tax on oil companies; meanwhile, House and Senate taxwriting committee leaders announced plans to proceed with extenders legislation.

See the attached file for details.

Visit the Tax News & Views Archive for issues from the past six months.

 Subscribe to Tax News & Views