CARE Act Update - December 2, 2003 Vol.4, No.24

December 2, 2003 Vol.4, No.24:

Published: 12/02/2003

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CARE Act Update

Sen. Rick Santorum (R-PA), a co-sponsor of the CARE Act, told BNA last week about an effort to resolve one major difference between the House and Senate versions of the bill- offsets to make up for lost revenue from expanded tax deductions for charities.

Santorum said that discussions with Senate Finance Committee ranking member Max Baucus (D-MT), ranking member on the Senate Finance Committee, and House Majority Whip Roy Blunt (R-MO) are looking at revenue raisers from exempt organizations. This would mean eliminating some of the tax deductions. A Finance Committee GOP aide told BNA that the focus is on land sales, purchases and donations, largely as a result of the committee's investigation of the Nature Conservancy. An upcoming General Accounting Office report on the value of donations for automobiles may provide additional ideas.

The Senate bill pays for expanded tax deductions by eliminating several corporate tax shelters, but the House bill does not have any such offsets.