Tax RefoRm

in a WoRld

of deficiTs

and UnceRTainTy

May 19–20, 2011Holiday Inn CapitolWashington DC

41st annual spring symposium and

9th annual state-local Tax Program

in association with

the american Tax Policy institute

ATPI American Tax Policy Institute

41st annUal sPRinG symPosiUm and 9th sTaTe–local Tax PRoGRamin associaTion WiTH THe ameRican Tax Policy insTiTUTe

REGISTRATION - Columbia Foyer Thursday, May 19, 8:00 AM - 2:30 PM Friday, May 20, 8:00 AM - 10:00 AM

President ProgramChair ExecutiveDirector LeonardBurman RobertonWilliams J.FredGiertz

AllsessionswillmeetintheCOLUMBIABALLROOM

THURSDAY,MAY198:45–9:00AMWELCOMEANDINTRODUCTIONRobertonWilliams, Urban-Brookings Tax Policy Center

9:00–10:30AMLEADINGORFOLLOWING?USandGLOBALTAXREFORM: AROUNDTABLEDISCUSSION

Moderator:Gregory Ip,TheEconomistBarbaraAngus, Ernst & Young LLPJackMintz, University of CalgaryWilliamMorris, General ElectricJeffreyOwens, Organization for Economic Co-operation and Development

10:30–10:45AM BREAK

10:45–12:15PMLABORSUPPLYandTAXREFORM:AMACROVIEW

Organizer/Moderator:Joseph Rosenberg,UrbanBrookingsTaxPolicyCenterDayanandManoli,UCLA, RajChetty and AdamGuren, Harvard University and AndreaWeber, University of Mannheim—Does Indivisible Labor Explain the Difference Between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin Elasticities

EricLeeper, Indiana University and TroyDavig, Barclays Capital—Temporarily Unstable Government Debt and Inflation

NicholasBull, TimothyDowd and PamelaMoomau, Joint Committee on Taxation—Estimating the Macroeconomic Effects of Fundamental Tax Reform

Discussants: SusanYang,International Monetary Fund WilliamRandolph,Congressional Budget Office

12:30–1:45PMLUNCHEON-DISCOVERYBALLROOM

Speaker:David Leonhardt,TheNewYorkTimesPresentationofDavie-DavisAwardforPublicService

2:00–3:30PMUNFINISHEDBUSINESS:THEPROBLEMWITHTEMPORARYTAXPROVISIONS

Organizer/Moderator:Janet McCubbin, OfficeofTaxAnalysis,U.S.DepartmentoftheTreasury

BethKaufman,Caplin & Drysdale—Planning in Times of Uncertainty, A Case Study of the Federal Estate and Gift Tax

ChristopherOhmes,Ernst & Young LLP—Uncertainty and Complexity from an Often Expiring Research Credit: A View From the Trenches

KeithMartin,Chadbourne & Parke—Temporary Tax Provisions for Renewable Energy

Discussants: AlanViard, American Enterprise Institute AndrewLyon, PricewaterhouseCoopers LLP

3:30–3:45PM BREAK

3:45–5:15PMREFORMofBUSINESSTAXESOrganizer/Moderator: Jesse Edgerton, FederalReserveBoardofGovernorsJackMintz,University of Calgary—US Business Tax Reform: Neutrality with Internationally Competitive Tax Rates

MatthewKnittel, Office of Tax Analysis, U.S. Department of the Treasury—Taxing Small Business

DanielHalperin, Harvard University—Mitigating the Potential Inequity of Reducing Corporate Rates

Discussants: JamesR.HinesJr., University of Michigan KirkStark, UCLA Law School

5:15-6:15PM RECEPTION-DISCOVERYBALLROOM

FRIDAY,MAY20AMERICANTAXPOLICYINSTITUTESEARCHINGFORREVENUEINTAXREFORM:MIGHTSOMEBEAVAILABLEFROMTAXEXPENDITURES?

8:45–10:15AMSEARCHINGINDIVIDUALPREFERENCESOrganizer/Moderator:Dennis Zimmerman,AmericanTaxPolicyInstituteAdamJ.Cole and NicholasTurner, Office of Tax Analysis, U.S. Department of the Treasury—The Distributional and Revenue Consequences of Reforming the Mortgage Interest Deduction

JosephCordes, The George Washington University—Re-Thinking the Charitable Tax Deduction: Evaluating the Effects of Deficit-Reduction Proposals

IthaiZ.LurieandShanthiRamnath, Office of Tax Analysis, U.S. Department of the Treasury—Defined Contribution Tax Expenditures: Measuring the Costs and Benefits

Discussants: EricToder, Urban Institute and Urban-Brookings Tax Policy Center EllenAprill, American Tax Policy Institute and Loyola Law School PeterBrady, Investment Company Institute

10:30–10:45AM BREAK

10:45–12:15PMSEARCHINGCORPORATEPREFERENCESANDAWORDOFCAUTIONModerator:George Plesko, AmericanTaxPolicyInstituteandUniversityofConnecticut

JaneGravelle, Congressional Research Service— Accelerated Depreciation as a Corporate Revenue Raiser

MihirA.DesaiandC.FritzFoley, Harvard University and JamesR.HinesJr., University of Michigan—Foreign Tax Deferral and Foreign Income Flows

JohnBuckley, Georgetown University Law Center—Tax Expenditures: An Overview from a Legislative Perspective

Discussants: JesseEdgerton, Federal Reserve Board of Governors MartinSullivan, Tax Analysts KimberlyClausing, Reed College

PROGRAMCOMMITTEE: RobertonWilliams, Urban-Brookings Tax Policy Center, CHAIR WilliamGale, Brookings Institution RosanneAltshuler, Rutgers University JenniferGravelle, Congressional Budget Office ThomasBarthold, Joint Committee on Taxation JanetMcCubbin, Office of Tax Analysis, U.S. Department of the Treasury AdamCole, Office of Tax Analysis, U.S. Treasury Department ThomasNeubig, Ernst & Young LLP TimothyDowd, Joint Committee on Taxation JosephRosenberg, Urban-Brookings Tax Policy Center JesseEdgerton, Federal Reserve Board of Governors DennisZimmerman, American Tax Policy Institute

The NTA and ATPI gratefully acknowledge the contributions of the following organizations:

Silver level

12:00–1:15PMLUNCHEON-DISCOVERYBALLROOMSpeaker:Dan Crippen,ExecutiveDirector,NationalGovernorsAssociation

1:30–2:45PMATTHEBRINK:FINANCINGSTATEBUDGETSWITHOUTFEDERALASSISTANCEOrganizer:Matthew Murray,UniversityofTennessee,KnoxvilleModerator:Billy Hamilton,StateTaxNotesRichardMattoon, Federal Reserve Bank of ChicagoKirkJ.Stark, UCLA School of LawSallyWallace, Georgia State University

2:45–3:00PM BREAK

Friday,May20,2011

sTaTe-local Tax PRoGRamStateandLocalBudgetstheDayAftertheMeltdown: GettingtoSoundFiscalBases

MichaelWasylenko,Syracuse University, CHAIR

3:00–4:15PMLOOKINGFORWARD:STRUCTURALCHANGESTOADDRESSLONG-TERMSTATEANDLOCALFISCALCHALLENGES

Moderator:G. Edward de Seve,RecentSpecialAdvisortothePresidentontheImplementationofARRAOrganizer:Tracy Gordon, UniversityofMaryland,CollegeParkandBrookingsInstitutionCarolO’Cleirecain, Brookings Institution—What Can New York Learn from Control Boards and Independent OversightRudolphG.Penner, Urban Institute—Rethinking Fiscal Federalism: New Fiscal RegimesDonaldJ.Boyd, Rockefeller Institute of Government—State Tax Issues: Trends and Reform

OfficersandMembersoftheBoardofDirectors2010–2011PRESIDENTLeonardE.Burman,SyracuseUniversity,Syracuse,NY

VICEPRESIDENTSMatthewMurray,UniversityofTennessee,Knoxville,TNDianeLimRogers,ConcordCoalition,Arlington,VA

SECRETARYCharmaineJ.Wright,Washington,DC

TREASUREREricToder,UrbanInstituteandUrban-BrookingsTaxPolicyCenter,Washington,DC

PASTPRESIDENTSHarveyGalper,DeloitteConsultingLLP,Arlington,VAJamesPoterba,MassachusettsInstituteofTechnology,Cambridge,MA

ELECTEDMEMBERSPeterBrady,InvestmentCompanyInstitute,Washington,DCLeahBrooks,UniversityofToronto,Ontario,CanadaDonaldBruce,UniversityofTennessee,Knoxville,TNBrianA.Cromwell,Ernst&YoungLLP,SanJose,CADhammikaDharmapala,UniversityofIllinoisCollegeofLaw,Champaign,ILMichelleHanlon,MassachusettsInstituteofTechnology,Cambridge,MA

JamesR.HinesJr.,UniversityofMichiganJimLanders,IndianaLegislativeServicesAgency,Indianapolis,INLeandraLederman,IndianaUniversityMaurerSchoolofLaw,Bloomington,INMarkJ.Mazur,OfficeofTaxAnalysis,USDepartmentoftheTreasury,Washington,DCJanetMcCubbin,OfficeofTaxAnalysis,USDepartmentoftheTreasury,Washington,DCGeorgeA.Plesko,UniversityofConnecticutSchoolofBusiness,Storrs,CTDouglasA.Shackelford,Kenan-FlaglerBusinessSchool,UNC-ChapelHill,NCAlanD.Viard,AmericanEnterpriseInstitute,Washington,DCGeorgeYin,UniversityofVirginiaSchoolofLaw,Charlottesville,VA

ADVISORYMEMBERSDavidBrunori,TaxAnalysts,FallsChurch,VAPeterFisher,IowaPolicyProject,IowaCity,IADanieleFranco,BankofItaly,Rome

NATIONALTAXJOURNALGeorgeZodrow,RiceUniversity,Houston,TXWilliamGentry,WilliamsCollege,Williamstown,MAJohnDiamond,RiceUniversity,Houston,TX

EXECUTIVEDIRECTORJ.FredGiertz,UniversityofIllinois,Champaign-Urbana,IL

ProgramCommittee:MichaelWasylenko,Syracuse University, CHAIR TracyGordon, University of Maryland, College Park andMatthewMurray, University of Tennessee, Knoxville Brookings Institution

Bronze level

Bronze level

INVESTMENT COMPANYINSTITUTE®

_______ $180 Symposium Only _______ $55 9Th State-Local Tax Program Only _______ $205 Symposium and 9Th State-Local Tax Program

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HOTEL INFORMATIONHOLIDAY INN CAPITOL550 C Street, SW (L’Enfant Plaza Metro)Washington DC 20024

Phone: 202- 479- 4000FAX: 202- 488- 4627 REGISTER ONLINE

You can now utilize the Holiday Inn’s web-based reservation management system by clicking on this link: http://www.holidayinn.com/hotels/us/en/washington/wassm/hoteldetail?destination=550+C+STREET+SW+WASHINGTON+DISTRICT+OF+COLUMBIA+United+States&hotelCode=WASSM&groupCode=N5T&execute=basicor you can call the hotel directly at 202-479-4000 to secure your reservation.

NTA has blocked a limited number of rooms at $269 single/double (plus 14.5% tax) for those attending the Symposium. Please register as soon as possible to be assured of these rates. The cutoff date for the NTA block is April 20, 2011 at 11:59 PM.

Be sure to mention the National Tax Association when making reservations, which must be accompanied by a first night room deposit or guaranteed with a major credit card. The hotel will not hold any reservations unless secured by one of the above methods.

The National Tax Association does not make or guarantee reservations for those attending the symposium. Attendees are responsible for their own room charges.

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Check-in time is after 4:00 PM and checkout time is prior to 12:00 noon. If you must cancel, please notify the hotel within 72 hours prior to arrival date to avoid charges.

REGISTRATION FORM

2011 National Tax Association Spring Symposium Program in Association with the American Tax Policy Institute

REGISTER BY MAILNational Tax Association725 15th Street, NW #600Washington DC 20005-2109

FAX202-737-7308

DIScovER, MasterCard or VISA (sorry, no American Express, Diners, or Debit)

Please register before May 12, 2011. Cancellations will be refunded minus a $25 service fee until May 12. No refunds for cancellations after May 13.

41st ANNUAL SPRING SYMPOSIUM - May 19-20, 20119th STATE-LOCAL TAX PROGRAM - May 20 - Afternoon

Registration Fee includes Sessions, Luncheon, Reception (May 19), and Breaks

PAYMENT METHOD

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National Tax Association

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(No American Express, Diners or Debit)

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TAXPOLICYINAWORLDOFDEFICITSANDUNCERTAINTY

2011SpringSymposium(202)737-3325NationalTaxAssociationFax(202)737-7308May 19–20, 2011natltax@aol.comwww.ntanet.org

NationalTaxAssociation72515thStreetNW#600WashingtonDC20005-2109

PROGRAM AT A GLANCE

TAXPOLICYINAWORLDOFDEFICITSANDUNCERTAINTY

ThUrSDay, May 19

LEADINGORFOLLOWING:USANDGLOBALTAXREFORM: AROUNDTABLEDISCUSSION

LABORSUPPLYandTAXREFORM: AMACROVIEWDoes Indivisible Labor Explain the Difference Between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin ElasticitiesTemporarily Unstable Government Debt and InflationEstimating the Macroeconomic Effects of Fundamental Tax Reform

UNFINISHEDBUSINESS:THEPROBLEMWITHTEMPORARYTAXPROVISIONSEstate Planning under UncertaintyUncertainty and Complexity in an Often Expiring Research Credit: The Tax Manager’s ViewTemporary Tax Provisions for Renewable Energy

REFORMofBUSINESSTAXESUS Business Tax Reform: Neutrality with Internationally Competitive Tax RatesTaxing Small BusinessMitigating the Potential Inequity of Reducing Corporate Rates

FriDay, May 20

SEARCHINGINDIVIDUALPREFERENCESThe Distributional and Revenue Consequences of Reforming the Mortgage Interest DeductionRe-Thinking the Charitable Tax Deduction: Evaluating the Effects of Deficit-Reduction ProposalsDefined Contribution Tax Expenditures: Measuring the Costs and Benefits

SEARCHINGCORPORATEPREFERENCESandaWORDofCAUTIONAccelerated Depreciation as a Corporate Revenue RaiserForeign Tax Deferral and Foreign Income FlowsTax Expenditures: An Overview from a Legislative Perspective

STATE-LOCALTAXPROGRAMState and LocaL BudgetS the day after the MeLtdown: getting to Sound fiScaL BaSeS

FriDay, May 20

ATTHEBRINK: FINANCINGSTATEBUDGETSWITHOUTFEDERALASSISTANCE

LOOKINGFORWARD:STRUCTURALCHANGESTOADDRESSLONG-TERMSTATEANDLOCALFISCALCHALLENGES