Tax

The talk in Washington is beginning to sound a little panicky when it comes to extending the Bush tax cuts.

House Ways and Means Committee Chairman Sander Levin, D-Michh., has released a draft bill that would provide tax credits for manufacturers of renewable energy equipment and funding for other sources of clean energy.

The District of Columbia plans to launch a tax amnesty program on Thursday in an effort to collect $170 million in known receivables owed by more than 42,000 individuals and businesses.

Senate Finance Committee ranking member Charles Grassley, R-Iowa, and Sen. Charles Schumer, D-N.Y., have teamed up to sponsor legislation that would provide tax credits for the use of hydrogen fuel cells in forklift trucks and other industrial vehicles.

Two Republican lawmakers are warning the Treasury Department against making a change in tax policy that would favor trial lawyers who handle lawsuits on a contingency basis and want to deduct loans to clients.

BNA Tax & Accounting has introduced its first application for the RIM BlackBerry, an electronic version of its Quick Tax Reference guide.

The nonprofit Tax Foundation has introduced an online calculator that allows taxpayers to compare how they would fare if all the Bush tax cuts expired as scheduled at the end of this year.

Call this a story about nurturing the goose that laid the golden egg.

Hoping to get the Small Business Jobs Act passed before the August recess, Senate Democrats have modified the legislation in an effort to avoid another filibuster battle.

A new report estimates that the total amount of federal tax revenue lost due to use of overseas tax havens adds up to at least $37 billion per year.