NAICU - Congress Fails at Latest Attempt to Renew Tax Extenders

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Congress Fails at Latest Attempt to Renew Tax Extenders

NAICU Washington Update

August 14, 2008

The Senate failed to renew a host of popular expiring tax provisions prior to adjourning for August recess, including the IRA charitable rollover and tuition deduction for higher education expenses. Senate Finance Chairman Max Baucus (D-Mont.) has indicated that further action on the tax extenders will have to wait until September. The Baucus bill would retroactively extend the IRA rollover and tuition deduction for one year, giving tax filers who wish to amend their returns from last year a chance to claim either the tuition deduction or use the IRA rollover provision.

The Senate fell nine votes short of ending debate on a motion to call up S. 3339, legislation renewing tax provisions that expired on December 31, 2007. Senate Republicans, while supporting the extension of these provisions, are objecting to any legislation that takes priority over an energy bill increasing domestic oil and gas production.

Neither side is willing to budge at this point. Baucus promises to keep fighting to extend the tax provisions in September, but the committee’s ranking Republican, Sen. Charles Grassley (R-Iowa), defends blocking the legislation. Grassley claims his party has been shut out of the process, and is being prohibited from offering amendments to the extenders bill.

Contact

Karin Johns
karin@naicu.edu