Spokespeople for Senate Finance Committee Chairman Chuck Grassley, R-Iowa, are already saying that his take on an estate tax reform bill could be next on Congress's docket.
A Republican-led effort resulted in the bill's second defeat on the Senate floor last week, but any legislation brought by Grassley would likely be a compromise crafted within the Finance Committee and aimed at winning the support of Democrats.
GOP strategists have talked about pursuing passage of a package of popular, but expiring, tax incentives that were defeated along with the estate tax bill -- such as a research and development credit for businesses, and deductions for college tuition, and state and local sales taxes. Hopes for a permanent, or major, cut faded when the Senate failed to pass the estate tax bill, saddled with a minimum wage hike, before summer recess. Many Republicans are determined to take action this year, before midterm elections in November.
Previously on WebCPA:
Senate Passes Pension Reform, Passes on Estate Tax (Aug. 7, 2006)
House Bill Ups Minimum Wage, Tacks on Estate Cut (Aug. 1, 2006)
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