House-Senate Differences in Tax-Cut Bill

Interesting article in the Weekend Wall Street Journal:  House Republicans Delay Action on Tax-Cut Bill:

House Republicans postponed action on tax-cut legislation until December after barely winning late-night approval of a $49.9 billion, five-year deficit-reduction bill that has roiled the party for weeks. Moderates in the House were skittish at the prospect of proceeding with tax cuts, just hours after eking out a 217-215 vote to squeeze spending on health-care and nutrition benefits for the working poor. After recent setbacks, Rep. Roy Blunt (R., Mo.), the acting majority leader, appeared sympathetic with this complaint. And despite pressure from tax writers, the House will wait until after it returns Dec. 5 to take up the $56-billion tax-cut package, most of which extends existing tax cuts that would otherwise expire. The Senate passed its tax-cut bill shortly after midnight Thursday night....

The article also contains this helpful chart summarizing some of the difference between the House and Senate bills:

Tax-Cut Bill Element	Senate	House	5-Year Cost
Extend 15% Capital Gain & Dividend Rate to 2010	No	Yes	- $21 billion
Limit Reach of AMT through 2006	Yes	No	- $29 billion
Increase Oil Company Taxes	Yes	No	+ $4 billion
Extend & Expand R&D Credit	Yes	Yes	- $9 billion
Extend Deduction for Sales Taxes	Yes	Yes	- $2 billion
Tax Breaks to Hurricane-Damaged Areas	Yes	No	- $7 billion
Tighten Economic Substance Tax Shelter Rule	Yes	No	+ $5 billion
Expand Small Business Investment Deduction	Yes	Yes	- $7 billion