DOGGETT TAX INCREASE AS FARM BILL PAY-FOR
TAX TECHNICAL CORRECTIONS ACT OF 2005
EMPLOYEE STOCK OWNERSHIP PLANS: SECTION 404K
DIVIDEND TAX CUT
REVISIONS TO FBAR INSTRUCTIONS
BUSINESS COMMUNITY LETTERS :
Business
Community Opposition Letter, July 26, 2007
Company Opposition Letter, July 26, 2007
U.S.
Chamber Opposition Letter, July 25, 2007
NAM
Opposition Letter, July 25, 2007
ADMINISTRATION STATEMENTS:
Treasury Secretary
Paulson's Letter to Capitol Hill, July 26, 2007
Statement
of Administration Policy on HR 2419, July 25, 2007
MEDIA:
No New
Revenue Raisers for Farm Bill To Come From Senate Finance
Committee
BNA Daily Tax Report, September 19, 2007
By Brett Ferguson
US tax
bill set to hit multinationals
Financial Times, August 20, 2007
By Eoin Callan
Grassley
Continues to Rail Against Tax Provisions in House Farm Bill
BNA Daily Tax Report, August 16, 2007
By Heather M. Rothman
Repeal
of Certain Tax Treaty Benefits Will Not Be in Senate Farm
Bill, Baucus Says
BNA Daily Tax Report, August 2, 2007
By Brett Ferguson
Tax Treaty
Loophole Closer Will Not Be in Senate Farm Bill, Baucus Says
BNA Daily Tax Report, August 1, 2007
Posted Aug. 1, 2007, 2:40 PM ET
"House
passes farm bill"
The Brewton Standard, July 30, 2007
By Congressman Jo Bonner
Cole
Condemns Last Minute Tax Hikes in Farm Bill
Press Release, July 27, 2007
By Congressman Tom Cole
"
U.S. Rep. Latham: Politically Tainted Farm Bill Pits Iowan
Versus Iowan With Job Killing Tax Hike", Iowapolitics.com,
July 27, 2007
By Congressman Tom Latham
"WSJ Editorial: The Beltway Credit Market"
Wall Street Journal, July 27, 2007
Dem tax
provision further muddles farm bill
The Hill, July 26, 2007
By Ian Swanson
AT ISSUE :
In July 2005, Senate Finance Committee Chairman Charles Grassley (R-IA), Ranking Member Max Baucus (D-MT) and Ways and Means Chairman Bill Thomas (R-CA) introduced companion bills aimed at making technical corrections to the JOBS Act and other recently enacted tax legislation, the "Tax Technical Corrections Act of 2005" (H.R. 3376/S.1447). OFII submitted comments on the technical correction legislation regarding Section 7874 - internal restructurings and Section 965 - related party indebtedness.
OFII DOCUMENTS:
OFII Comments on “Tax Technical Corrections Act of 2005” (H.R. 3376/S.1477);
August 31, 2005
OTHER:
“Tax Technical Corrections Act of 2005” (H.R. 3376/S.1477), as introduced
Joint Committee on Taxation’s (JCT) Description of H.R. 3376:
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AT ISSUE :
In August 2005, the IRS released proposed regulations on IRC Section 404(k), less than a month after it was mentioned in the IRS Business Plan. The proposed regulation reverses previous IRS private letter rulings that concluded a U.S. subsidiary of a foreign parent company could claim a deduction under IRC Section 404(k) for dividends paid on the foreign parent’s stock held in the U.S. ESOP, assuming all other requirements under IRC Section 404(k) were met.
OFII DOCUMENTS:
OTHER:
Rep. Richard Neal Letter to Treasury, December 16, 2005
Sens. Smith and Bingaman Letter to Treasury, December 13, 2005
Representative Phil English Letter to Treasury, December 8, 2005
Representative Sam Johnson Letter to Treasury; October 18, 2005
Representative Dave Camp Letter to Treasury; October 7, 2005
IRS Proposed Regulation on ESOPs; September, 2005
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AT ISSUE :
A proposal included in the House version of the 2003 Economic stimulus package would have disadvantaged taxpayers investing in foreign companies. This provision sought to lower the tax rate on dividends from "domestic" companies only. The Senate version of the legislation did not distinguish between "foreign" and "domestic" companies. The current dividend tax cut is set to expire in 2008.
OTHER:
Citibank paper on new dividend tax rates
IRS Guidance, Notice 2006-3”, December 22, 2005
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