Houses Passes Extenders/Pension Legislation

The House on November 20, 2003 passed by voice vote the Tax Relief Extension Bill of 2003 (H.R. 3521). The bill includes one year extensions of 16 tax provisions that otherwise would have expired at the end of 2003. The bill also includes a replacement of the pension contribution formula that is currently based on 30-year Treasury rates as well as some pension contribution relief for the airline industry. Also included are a variety of tariff and trade provisions. The Senate Finance Committee is working on a similar piece of legislation, except that it is trying to include revenue to pay for the tax cuts. and therefore may shorten a number of the extensions to only a six month period in order to lower the projected cost. As Congress continues to try to clear its calendar so that it can adjourn for the year well prior to Thanksgiving on November 27, time is running out to resolve even such minor differences.


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