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ARTICLE · 23 JANUARY 2004

Senate Approves Omnibus Spending Bill

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Today, the Senate approved the fiscal year 2004 appropriations bill, which contains funding for several government agencies, including the Treasury Department and the IRS.

United StatesTax

WASHINGTON PHOENIX LOS ANGELES LONDON BRUSSELS

Today, the Senate approved the fiscal year 2004 appropriations bill, which contains funding for several government agencies, including the Treasury Department and the IRS. The government has been operating under a stop gap funding bill since October 1, 2003. The House approved the bill in December, 2003.

WAYS AND MEANS COMMITTEE TO REVIEW "LEASE-BACK" TRANSACTIONS

: Yesterday, House Ways and Means Committee Chairman Bill Thomas (R-CA) said that the Committee would examine a Treasury Department proposal to limit sale-in, lease-out (SILO) transactions. Thomas suggested that some of the leasing deals under scrutiny might be legitimate, while others were not. Thomas said, "My assumption is there are some out there that might be done for nothing other than tax purposes. . . . But we have to see what other reasons -- what other rationales there are -- for doing it."

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