While it is conventional thinking that significant tax legislation does not pass in a presidential election
year, in fact, since 1988, Congress has enacted an average of roughly 12 pieces of tax legislation in
each presidential election year.

This year, there are a number of pending tax issues that are expected to garner attention. In addition to
the continuing dialogue on tax reform, an ongoing focus will be the issue of expiring tax provisions,
with the payroll tax package and possibly tax extenders being considered at the beginning of the year
and the 2001/2003 Bush-era tax cuts being considered at the end of the year. There may also be
attempts to advance issue-specific legislation, such as items related to economic growth,
transportation, and energy. While this tax policy environment presents risks, it may also present
opportunities.

Please see full alert below for more information.