House Committee Vote On Corporate Tax Bill Delayed

by Mike Godfrey, Tax-News.com, Washington

11 June 2004

House Republicans have decided to cancel a committee vote on the $34 billion corporate tax bill scheduled to take place Thursday until after the lying-in-state of former President Reagan.

The vote was due to take place in the tax-writing House Ways and Means Committee, but the committee’s Chairman Bill Thomas, the principal author of the bill, has announced that the vote is being delayed until Monday.

Thomas had hoped the vote would be a fitting tribute to Ronald Reagan who cut taxes for many Americans during the 1980s.

However, the lying-in-state has now become a major logistical and security exercise, with officials expecting as many as 170,000 citizens to flock to pay their respects to the former President during a 36 hour period of mourning which began on Wednesday.

A revised version of the ‘American Jobs Creation Act of 2004’ was released by Thomas last Friday containing measures that will give firms a one year ‘tax holiday’ on repatriated income and allow taxpayers to deduct state sales tax on their federal returns, along with broader measures such as the cutting of corporate income tax for manufacturers by 3% to 32% and reform of the ‘Subchapter S’ international income tax rules.

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