Committee to Consider Charitable Giving Incentives, Military Tax Fairness
Hearing: Mark-up of the Armed Forces Tax Fairness Act of 2003 and the CARE Act of 2003 Date/time: Wednesday, Feb. 5, 2003, at 10 a.m.
Location: 215 Dirksen Senate Office Building, Washington, D.C.
Description: Last year, in the last Congress, the Finance Committee and then the full Senate passed a bill co-authored by Sen. Chuck Grassley, then ranking member, to improve tax equity for members of the military. The bill underwent changes in the House of Representatives and never received final approval before Congress adjourned for the year. Sen. Grassley, now chairman of the Committee on Finance, is working for bipartisan consideration and approval of a very similar proposal to last year’s legislation. Sen. Grassley believes the legislation is especially important as the nation considers the possibility of war involving both enlisted members of the military and reservists, both of whom would benefit under the military tax fairness bill. The bill is offset by an extension of IRS user fees on certain products,
authorizing the IRS to enter into agreements that provide for payment, and reforming the tax treatment of individuals who expatriate.
Similarly, the committee last year passed a series of tax incentives to encourage charitable giving, but the bill never received consideration under the Senate’s Democratic leadership. Sen. Grassley has scheduled Finance Committee consideration of the charitable giving incentives and all other provisions of the CARE Act - the Charity Aid, Recovery, and Empowerment Act of 2003 - under the committee’s jurisdiction. Most of the CARE Act falls under the Finance Committee’s jurisdiction. The bill is offset by including a version of legislation Sen.
Grassley co-authored in the last Congress to rein in abusive tax shelters.
Note: The mark-up documents for both bills are available at http://www.house.gov/jct/ and later will be available at www.finance.senate.gov under “legislation."
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Source: Ranking Member’s News
