Blue Book 2007: Joint Committee on Taxation's General Explanation of Tax Legislation Enacted in the 109th Congress

This "Blue Book" offers a complete explanation with Congressional insights on all the Tax Legislation enacted by the 109th Congress - -it is one of the most important volumes collected by serious tax professionals who will want a hands-on print edition in their libraries this year and in years to come. It is prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance. Officially titled, "General Explanation of Tax Legislation Enacted in the 109th Congress", but the book is known to tax pros as Blue Book. The Blue Book is prepared so lawmakers, tax practitioners and other interested parties have comprehensive explanations in one volume of the final tax legislation enacted during the 109th Congress. This latest Blue Book is of particular value to all people interested in U.S. tax law. Having all explanations in one book is important considering that there were many important pieces of tax legislation enacted by the 109th Congress, including the Tax Relief and Health Care Act of 2006, the Pension Protection Act of 2006, the Tax Increase Prevention and Reconciliation Act of 2005 (enacted in 2006), the Gulf Opportunity Zone Act of 2005, Katrina Emergency Tax Relief Act of 2005, the Energy Tax Incentives Act of 2005 and the Safe, Accountable, Flexible, Efficient Transportation Equity Act of 2005 -- along with many smaller laws impacting the Internal Revenue Code. The Blue Book explanations contain the legislative history of each Act, descriptions of the prior law and new law, and, and for many provisions the reasons for the change. An Appendix provides estimates of the effects of the tax legislation on federal fiscal-year receipts for coming years. The Blue Book's explanations serve as a useful guide in understanding the intent and meaning of the new tax laws and, along with committee and conference reports, is considered substantial authority for the tax treatment