The Senate approved a dreaded Alternative Minimum Tax (AMT) relief and extenders bill (HR 6049) on September 23. This bill also included a package of clean energy tax incentives.
The House has taken the bill passed by the Senate and split it into separate parts, with some changes, all of which have passed –
· H.R. 7060, the Renewable Energy and Job Creation Tax Act of 2008
· H.R. 7005 – the Alternative Minimum Tax Relief Bill of 2008
· H.R. 7006, the Disaster Tax Relief Act of 2008
The most recent bill, H.R. 7060, includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers.
Now CCH reports in its daily Tax Headlines newsletter item “House Attempts to Woo Senate with Separate Tax Extenders, Energy Legislation” that “Frustration at the lack of Senate movement on the House-passed tax extenders and energy bill (HR 7060) prompted House Ways and Means Chairman Charles B. Rangel, D-N.Y., on September 28 to separate the measure into two tax bills.” The items states that “Rangel introduced the Energy Improvement and Extension Act of 2008 (HR 7201) and the Temporary Tax Relief Act of 2008 (HR 7202)”.
Once again the House and Senate are at odds regarding the issue of “offsets”.
The clock is ticking!