If you are a futures or options trader, you immediate action is required. The Senate is trying to repeal the 60/40 tax treatment of section 1256 contracts to be effective in 2004. This provision was passed without debate in the Senate as part of a package of revenue raisers for the President's Jobs and Growth Tax Relief Reconciliation Act of 2003. It is interesting to note that this was not part of the House version of the bill. The House and Senate Leadership will now appoint Members to The Conference Committee, which will meld the two versions of the bill into one for final passage by both Houses. Now, here is what we can do about this... contact your Members of Congress and urge them to go to the Conferees and oppose the repeal of Section 1256. You can find the contact information for your Senators at www.senate.gov and your Representatives at www.house.gov You need to act now since the President wants this bill passed before Memorial Day. I really don't think they understand the repercussions of this repeal as they have no provisions for changing the mark-to-market requirement of these instruments.