Max Baucus: “We wish to clarify the operation of the proposed rule change related to limited tax benefits. We know that it is…”

“We wish to clarify the operation of the proposed rule change related to limited tax benefits. We know that it is impossible to foresee every possible application of the proposed disclosure rule for limited tax benefits. But we hope that this discussion will provide a more complete explanation of how the rule will operate. For more guidance, we also recommend the interpretative guidelines developed by the staff of the Joint Committee on Taxation in response to the prior-law line item veto. These guidelines may also be applicable to the interpretation of the proposed earmark disclosure rules for limited tax benefits in this bill. The Joint Committee on Taxation documents are called, first, the 'Draft Analysis of Issues and Procedures for Implementation of Provisions Contained in the Line Item Veto Act, Public Law 104-130, relating to Limited Tax Benefits,' that's Joint Committee on Taxation document number JCX-48-96, and second, the 'Analysis of Provisions Contained in the Line Item Veto Act, Public Law 104-130, relating to Limited Tax Benefits,' that's Joint Committee on Taxation document number JCS-1-97. The proposed rule in this bill would require the disclosure of limited tax benefits.”