Tax Strategy: Military and farm tax legislation clear Congress

So far, 2008 has not been a year for major tax legislation.Nor, being an election year, are the remaining six months likely to offer major legislation. Two bills that did make it through Congress prior to Memorial Day included tax provisions focused on farmers and alternative energy and on military personnel and veterans. The farm legislation required the override of a presidential veto and included a procedural snafu where one of the non-tax titles of the legislation was not forwarded to President Bush along with the rest of the legislation. Barring any litigation over that issue, the enactment date of the legislation is May 22, 2008.

The military legislation passed both houses of Congress unanimously, and, as of this writing, the president was expected to sign it.