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Today's Top Tax Article  |
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House Overwhelmingly Passes Housing Tax Incentives Package
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The House votes
322-94 to adopt a package of tax incentives designed to combat a downturn
in the housing market, setting up a conflict with both the Senate
and the White House. While the cost of the House's $11 billion bill
(H.R. 3221) is entirely offset and its spending provisions are focused
exclusively on the housing market, the Senate-passed $22 billion measure
is not offset and contains renewable energy tax incentives. As far
as the administration is concerned, the House bill is veto-worthy
because of its first-time home buyer tax credit and an “objectionable
offset,” while officials call the Senate bill unacceptable and “likely
[to] do more harm than good.”
This article was originally printed in today's BNA Daily
Tax Report.
Recent developments >>
Featured Analysis |
Early Application of Proposed §987 Regulations May Be Blessed
by the IRS--But Is It a Good Idea?
by James J. Tobin, Esq.
Ernst & Young LLP, New York, NY
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Reliance on specific provisions of proposed Treasury regulations
can, at times, be perilous, unless, of course, the IRS says you can.
Sometimes, the IRS will sanction reliance on proposed regulations
pending their finalization or indicate that the government won't
challenge positions based on proposed regulations prior to the
issuance of final rules.
Full Text>>
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