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Week Ending December 9, 2005

H.R.4388 To amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes.

BRIEF

The bill would extend tax breaks existing tax breaks for another year.

The tax provisions affected by the bill are:

Pay to troops in combat zones is included when computing the earned income tax credit and liquor excise taxes paid back to Puerto Rico and Virgin Island governments, and taxpayers with income from Puerto Rico involving domestic production there are allowed to continue a tax deduction.

The bill also continues the requirement to disclose individual tax return information for combined employment tax reporting, combating terrorist activities and for student loan repayment and for certain IRS undercover investigations.

Sponsor: Representative William M. Thomas (R-CA-22^nd)

Vote: Passed House 423 to 0 (RC 617) December 7, 2005.

Cost to the taxpayers: $153 million.

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