Congress is hard at work on a new tax bill. Since different versions are out of committee and are before the House and Senate, the final look of the bill is not yet known. Items included in one or both bills include:
- numerous extensions of expiring tax provisions
- hurricane relief (relief similar to that in the Katrina Emergency Tax Relief Act of 2005 (KETRA) to victims of Hurricanes Rita and Wilma, and would also offer extra tax breaks for rebuilding in the Hurricane Katrina disaster area),
-charitable giving provisions (charitable contributions from IRAs),
-extension for existing favorable capital gain and dividend rates.
Given the substantial differences between the House and Senate versions, what finally makes it into the final bill is anyone’s guess.