b'"\' \\~ I ndu s t ryNew s~ i"- - - - - \\i - -1999 Congressionalchanged the law so that aonproposal includes aof very taxnumber Wrap-Upsuch transactionsapplied tofavorablefor the associonlyprovisions Congress cone! uded its work onthe extent the transactions were atationcommunity - including an large November 19 after passing abetter-than-fair-market-value rates.increase in the maximum allowable appropriations bill and alAccordingthe colloquy, Se contributions to 401(k), 403(b) and smal taxton. bill. The tax bill consisted only ofGrassley and Sen. Nickles urged457 p .tax provisionst lans Otherthaprovisions that would extend certainChairman R to continue to workm be taken up soonConothightafter expiring tax breaks, including a to enact the fair-market-value provi gress reconvenes in late Janpro uary vision that wouldextendthe taxsions.Rothresponded:"Icaninclude plans to raise the tax deducexclusionfor employer-providedassu the distinguish Senatorstion formeals and to grant reedbusiness educationalassistance.Thistaxthat the enactment of th ,auction for expenses related is provision ded to exclusion applies only to employeewhich has already been agreed to byspousal travel. It is possible that educationattheundergraduateboth the House and Senate,is athese tax provisions may be considlevel, andnot tograduatelevelhigh priority for our next tax bill."ered as part of ato raise the plan assistance.minimum wage$1. by Congress ended the 1999 ses Congressional InitiativesinAlso near thep of thefor to list sion without passing (nor making2000Co in the n year wibe to ngressewII any significant strides toward pass C gressionalleadersa begin work on aference comon reconing) the Clinton Administration\'spromising to hitground runningmittee to hammer out differentheces proposal to tax the"investment"whenreturn to work early nextbetween House andvertheySenatesions income of 501 (c)(6) trade and pro year. Atop the Republican leader of h lth care reform. The fessionalassociations.Theplanship\'s wish Ifor early year actionea includesaHouse1J\' islversionprovisionto would have taxed all income fromare taxcut provisions.In 1999,improve access to healthninsura ce interest, dividends, rents, royaltiesCongress passed abillion tax th u easing thery bur-$792ro ghregulatoandcapital gainsofmore thancut proposal that included a densofassociation-sponsored num$10,000 received by an association.beritems that would h health ofave beenplans. This taxwould be devastatingbeneficial to the associationplancomto the association community, forc m ity. Some of these provisions uningorganizationstoscalebackare likely to resurface in one form orCarlisle Syntec Goes to important job-training, standard another next year.School setting,andsafetyprogramsinFor example, it is expected that aIn, the a ahool district 1998 re scorder to pay the tax bill.pension reform proposal will seeof Trenton, Ill. faced aremajor serious consideration in 2000. T roofing projectfortheWesclin his Taxing Subsidiary-to-Parent \'Iransactions In other tax news, Sens. Chuck Grassley (R-lowa), Don(RNickles Okla.), and Senate Finance Committee Chairman Bill Roth (R-Del.) held ainenacting colloquysupport of less stringent tax rules for exempt organizations that have for-profit Since subsidiaries.theenactment of alaw,nizations 1997exempt orgahave beento tax on certain subject income received from subsidiaries that previously had not been taxable. Ain this year\' vetoed provisions Republican tax cut bill would haveThe Wesc/in Junior/Senior High School, Trenton, Ill. 12'