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US Congressmen Introduce Tax Technical Corrections Bill

by Mike Godfrey, Tax-News.com, New York

19 November 2007


US Senators Max Baucus and Chuck Grassley, Chairman and Ranking Member respectively of the Senate Finance Committee, have introduced new legislation that seeks to correct technical aspects of several tax acts. An identical measure has also been introduced into the House of Representatives.

The Tax Technical Corrections Act of 2007 contains technical corrections needed with respect to the Tax Relief and Health Care Act of 2006, Title XII of the Pension Protection Act of 2006 (Provisions Relating to Exempt Organizations), the Tax Increase Prevention and Reconciliation Act of 2005, the Energy Policy Act of 2005, the American Jobs Creation Act of 2004, and other tax legislation.

The text of the legislation is available for public review and comment through December 3, 2007.

The staff of the Senate Finance Committee and the House Committee on Ways and Means, in consultation with the staff of the Joint Committee on Taxation and the Department of the Treasury, continue to evaluate additional proposals for other technical corrections that may be necessary to achieve congressional intent with respect to other tax legislation.

"Technical corrections measures are routine for major tax acts, and are necessary to ensure that the provisions of the acts are working consistently with congressional intent, or to provide clerical corrections. Because these measures carry out congressional intent, no revenue gain or loss is scored from them," Baucus explained in a statement on the Senate floor.

"By filing this bill, we hope interested parties and practitioners will comment and provide direction on further edits, additions, or deletions. These comments should be submitted in a timely manner. It is our hope that we can move this package of technicals in December if possible," he added.

Grassley commented: "Technical corrections are derived from a deliberative and consultative process among the Congressional and Administration tax staffs. That means the Republican and Democratic staffs of the House Ways and Means and Senate Finance Committees are involved, as is the staff of the Treasury Department. All of this work is performed with the participation and guidance of the non-partisan staff of the Joint Committee on Taxation. A technical enters the list only if all staffs agree it is appropriate."


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