Last-minute legislation at-a-glance

Ron Burgundy · 12-08-2006, 11:43 PM

AP - Highlights of last-minute legislation, including tax and trade provisions, that Congress acted on Friday:

TAXES AND TRADE OMNIBUS BILL

Lets taxpayers with incomes of $65,000 or less ($130,000 for couples filing a joint return) deduct $4,000 for higher education costs. The deduction is $2,000 for those earning up to $80,000 (or $160,000 with joint returns). The cost is $3.3 billion over two years.
Extends through 2007 a research and development tax credit that offers a 20 percent credit for new activities. The cost is $16.3 billion over five years.
Extends through 2007 the welfare-to-work tax credit under which employers can get a maximum credit of $3,500 for the first year of employing a person who has received public welfare.
Extends through 2007 the deduction of up to $250 for teachers who personally buy classroom supplies. The two-year cost is $379 million.
Extends through 2007 the option of taxpayers from states without income taxes to deduct state and local sales taxes. The seven affected states are Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. The cost is $5.5 billion over two years.
Extends permanent normal relations with Vietnam, ending the Cold War rule that trade relations with the communist nation must be renewed every year.
Extends and expands trade benefits for some 140 developing countries and extends trade agreements with Haiti, Sub-Saharan Africa and four Andean nations.
Blocks plans to reduce by about 5 percent what Medicare pays to doctors, at a cost of about $4.5 billion.
Provides a one-year extension of an exception process under which Medicare will pay for stroke or hip replacement therapy when costs exceed $1,740.
Opens up some 8.3 million acres along the Gulf of Mexico to oil and gas drilling.
Renews a program, with increased federal contributions, for reclaiming abandoned mines. The cost is estimated at $5 billion over 10 years.
Extends through 2008 various energy provisions now set to expire at the end of 2007, including tax credit for electricity produced from renewable resources, and tax credit for new energy efficient homes.

OTHER ACTION

The House passed a measure to continue funding for federal programs at fiscal 2006 levels through next Feb. 15. The measure, also to be considered by the Senate, was necessary because of the failure to pass most of the annual spending bills for 2007. It contains language stopping an automatic pay raise for members of Congress through Feb. 16.
The House gave overwhelming approval to legislation allowing U.S. shipments of civilian nuclear fuel and technology to India, setting up consideration by the Senate — the last step before the measure can go to President Bush.
The House and Senate approved a bill to keep open a special investigative office that has unearthed millions of dollars in waste and fraud in the rebuilding of Iraq
Congress sent to the president a bill approving $289 million over five years to make it easier for the estimated 50 million families caring at home for adults and children with special needs to find respite care.
The House approved a $3.2 billion package to improve veterans' benefits and health care. It included a measure to end Civil War-era restrictions on veterans hiring lawyers to represent them in cases against the Veterans Affairs Department.
The Senate approved the first reauthorization since 1996 of the Magnuson-Stevens act, the nation's prime ocean fisheries law. The measure, which clamps down on overfishing and strengthens penalties for illegal fishing, is expected to win House approval.
Congress sent the president a bill to improve tsunami detection, warning and preparedness in the United States and abroad.

Dumpy Dooby · 12-09-2006, 06:20 AM

I figure I'd move this to The Floor. I don't want it to get lost in the abyss since it's some useful info.

RMNIXON · 12-09-2006, 05:42 PM

Originally Posted by Dumpy Dooby

I figure I'd move this to The Floor. I don't want it to get lost in the abyss since it's some useful info.

Good for you. This is the final record of an outgoing congress. Now we wait and see what we get after New Years......

C. Victoria Patrick · 12-10-2006, 12:31 AM

So the House of Representatives has just passed legislation that lets taxpayers with incomes of $65,000 or less ($130,000 for couples filing a joint return) deduct $4,000 for higher education costs. A good start.

The Senate should expand that relief by taking a provision from the not yet passed Student Borrower Bill of Rights that aims to prevent predatory lending practices aimed at students and parents.

Can you imagine the outrage if a law existed that prohibited the refinancing of homes? Well, a similar law exists for student and parent loans.

Previously under the Single Holder Rule, a borrower of a FFELP loan could only consolidate that loan with the same lender, a provision that squashed competition and artificially inflated interest rates. Although that particular anti-competitive law was finally repealed last spring, borrowers who have already consolidated their loans are still prohibited from refinancing with lenders offering better terms.

Sallie Mae and other large lenders are furiously lobbying to defeat the proposal to allow refinancing. Register your outrage and stop Sallie Mae's lobbying machine from winning this battle by calling these numbers:

U.S. Senate: (202) 224-4543 ♦ U.S. House of Representatives: (202) 226-2068

C.. Victoria Patrick, Retired Educator, College Administrator

ballz2wallz · 12-10-2006, 09:51 AM

Originally Posted by C. Victoria Patrick

C.. Victoria Patrick, Retired Educator, College Administrator

California university system?

6SpeedTA95 · 12-11-2006, 12:16 PM

Originally Posted by C. Victoria Patrick

So the House of Representatives has just passed legislation that lets taxpayers with incomes of $65,000 or less ($130,000 for couples filing a joint return) deduct $4,000 for higher education costs. A good start.

The Senate should expand that relief by taking a provision from the not yet passed Student Borrower Bill of Rights that aims to prevent predatory lending practices aimed at students and parents.

Can you imagine the outrage if a law existed that prohibited the refinancing of homes? Well, a similar law exists for student and parent loans.

Previously under the Single Holder Rule, a borrower of a FFELP loan could only consolidate that loan with the same lender, a provision that squashed competition and artificially inflated interest rates. Although that particular anti-competitive law was finally repealed last spring, borrowers who have already consolidated their loans are still prohibited from refinancing with lenders offering better terms.

Sallie Mae and other large lenders are furiously lobbying to defeat the proposal to allow refinancing. Register your outrage and stop Sallie Mae's lobbying machine from winning this battle by calling these numbers:

U.S. Senate: (202) 224-4543 ♦ U.S. House of Representatives: (202) 226-2068

C.. Victoria Patrick, Retired Educator, College Administrator

Welcome to the board

motivez · 12-11-2006, 09:06 PM

Most of that seems pretty good

Extends permanent normal relations with Vietnam, ending the Cold War rule that trade relations with the communist nation must be renewed every year.

Interesting and neat.

DosEquis · 12-12-2006, 10:22 AM

I can't wait to see his final pardons so I can jump all over that like the repubs jumped on clinton. Now, I am not excusing clinton but it is more because of being hypocritical.