NEW YORK, Jan 23 (Reuters) - U.S. President Barack Obama has called on the U.S. Congress to quickly pass a stimulus plan that will ease the yearlong recession. On Friday, Senate Democrats released a summary of the tax measures proposed under their plan, which total $275 billion. The House Ways and Means Committee on Thursday passed the tax provisions to be included in the House of Representatives bill which must now be approved by the entire chamber.

Once both bodies pass their plans, they will hold a special conference to reconcile them into a final bill for Obama to sign into law.

The tax elements of both plans are very similar. Here are some of the differences:

SENATE BILL:

* The Senate bill would suspend federal taxation of the first $2,400 an individual receives in unemployment benefits.

* An additional $1.5 billion in new markets tax credits would be authorized in 2008 and again in 2009. The change would cost the federal government $1.05 billion over 10 years.

* The U.S. Customs and Border Protection would be barred from demanding that U.S. lumber, steel and other companies repay duties that it collected on Canadian and Mexican imports and then distributed to the companies between 2001 and 2005.

* The bill addresses small business capital gains by increasing the amount individuals can exclude from their taxes from the sale of small business stocks, as long as the stocks are issued after the date of enactment and before Jan. 1, 2011.

* Certain business will be allowed to recognize the cancellation of indebtedness income over four years for specified types of business debt repurchased by the business after Dec. 31, 2008, and before Jan. 1, 2011.