Today, the Senate Finance Committee marked up and passed a number of tax bills.  Some bills of interest are:

  • Two bills to modify rules with respect to real estate investment trusts (REITs), regulated investment companies (RICs), and the Foreign Investment in Real Property Tax Act (FIRPTA)
  • A bill to modify the alternative tax for certain small insurance companies
  • A bill to exclude from gross income certain clean coal power grants
  • A bill to provide a 10% investment credit for qualified waste-heat-to-power property
  • A bill to convert the tax on liquefied natural gas and liquefied petroleum gas to an energy equivalent basis
  • An amendment to a bill to remove alcohol bonding requirements for certain taxpayers 
  • A bill to provide special treatment for certain agricultural research organizations, similar to the present-law treatment for medical research organizations
  • A bill that would create an exception to the private foundation excess business holdings rules for philanthropic business holdings
  • A bill to require that the IRS notify an exempt organization prior to revoking its exemption for failure to file annual information returns
  • A bill that clarifies a rule with respect to reimbursements under an employer-provided accident or health plan for medical care

Chairman Orrin Hatch (R-UT) stated that he and Ranking Member Ron Wyden (D-OR) plan to hold other markups in the near future.  He described the criteria for bills to be considered: “First, we said that the bills had to fall squarely within the jurisdiction of the Finance Committee.   Second, the bills had to have bipartisan support and be non-controversial to both sides.  Third, they had to have little or no budgetary impact and any bill scored as losing revenue had to have an acceptable offset.  Fourth, the bills had to address thoroughly-reviewed subject matter.  Fifth, they could not be actively opposed by either the Senate leadership or the White House.  And, finally, they could not be considered a limited tax benefit under Senate Rule 44.”