This week, the Tax Technical Corrections Act of 2006 was introduced in both houses of Congress. The legislation will essentially serve to cross the T’s and dot the I’s to several pieces of already-enacted legislation, clarifying definitions and refining certain timelines. Ways & Means Committee Chairman Bill Thomas, R-Calif., sponsored the bill in the House, while Finance Committee Chairman Charles Grassley, R-Iowa, and ranking member Max Baucus, D-Mont., did the same in the Senate. Among others, the bill would make changes to:
Generally speaking, the amendments contained in the corrections act ranged from the mildly notable -- such as modifying the effective date of interest suspension rules for some transactions in the Gulf Opportunity Zone Act of 2005, or elective deferrals to Roth contributions outlined in the Economic Growth Tax Relief Reconciliation Act of 2001 -- to what will seem to most, as much more obscurely applicable amendments -- including credit for production from advanced nuclear power facilities and exemptions from the “Leaking Underground Storage Tank Trust Fund” financing rate. A description of the technical corrections is available at www.house.gov/jct/x-48-06.pdf.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access