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:
- The Tax Increase Prevention and Reconciliation Act of 2005;
- The Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users;
- The Energy Policy Act of 2005;
- The American Jobs Creation Act of 2004;
- The Jobs and Growth Tax Relief Reconciliation Act of 2003; and,
- The Internal Revenue Service Restructuring and Reform Act of 1998.
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.
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