Max Baucus: “I want colleagues and those who read the Record to know that the nonpartisan Joint Committee on Taxation has made…”

“I want colleagues and those who read the Record to know that the nonpartisan Joint Committee on Taxation has made available to the public the document entitled ``Technical Explanation of the Revenue Provisions of the Senate Amendment to the House Amendment to the Senate Amendment to H.R. 1586, Scheduled for Consideration by the House of Representatives on August 10, 2010.'' This document is an explanation of the education jobs and Medicaid funding bill that the Senate passed last month. This explanation reflects the intentions of the Senate and its understanding of the legislative text. It is available on the Joint Committee's Web site at http://www.jct.gov/publications.html? func=startdown&id=3702 and is listed as document number JCX-46-10. In addition, I would like to comment on the Secretary's grant of authority to issue regulations in section 211 of the legislation, which adds new section 909 to the Internal Revenue Code of 1986. I note that this grant of authority allows the Secretary to provide exceptions, as appropriate, from the application of the provision to certain foreign tax credit splitting events resulting from foreign consolidation regimes, group relief, or similar loss-sharing arrangements.”