Senate Passes Transportation Bill, Sending Debate Back to House

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Senate votes 74-22 to pass a bill that would reauthorize the nation's surface transportation programs and the taxes that help pay for them, moving the debate back to the House, where intraparty squabbling has delayed action for the past month. The Senate bill includes more than one dozen tax-related provisions and a provision designed to prohibit foreign financial institutions from having access to the U.S. financial system if they are found to be aiding tax evasion, a provision that would raise $1 billion over 10 years. The Senate bill includes a provision to increase IRS's levy authority from up to 15 percent to up to 100 percent on payments to Medicare providers with tax delinquencies.