Congress Adjourns for Year Leaving Major Tax Legislation Pending for 2004

The House on December 8, 2003 passed and sent to the President the Servicemembers Civil Relief Act (HR 100). The legislation includes provisions to stay tax actions against members of the military during and immediately after military service. The House also passed and sent to the Senate the Archery Revenue Reform & Opportunity for Workers (ARROW) Bill of 2003 (HR 3652) increasing the excise taxes on imported archery products. This bill failed to pass the Senate before the Senate adjourned. Also left to be taken up in January are a number of major pieces of tax legislation, including: energy legislation; ETI repeal and corporate tax reform; the charitable giving bill; extenders; pension reform, including replacement of 30-year Treasury bills for calculating pension funding; and the Tax Technical Corrections Bill of 2003 (HR 3654 and Sen 1984), introduced just as Congress was adjourning. Although Congressional leaders promise action on this package of legislation in early 2004, it is often the case that election years make it difficult to craft the compromises needed to enact legislation.


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Wolters Kluwer Tax and Accounting

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