Just when you thought stock options had become clean again, comes news from the Associated Press that Sen. Carl Levin wants to close the gap between the value the accounting rules assign to options and the value that companies can deduct from their taxes.

A Senate sub-committee found that there was a $43 billion gap and that's a revenue gap the Democrats want to close now that they're promising to pay as they go on the federal budget. The difference makes it very lucrative to pay senior executives in options. Companies benefit from an "outdated and overly generous stock-option tax rule," according to Levin.

What he means is that the complex accounting formula to arrive at the fair value on the date of issue gives a much lower value than the tax-deductible amount derived from gains realized on the exercise date. A successful company with a rising stock price can even deduct more than it expensed for the original option.

This is not the first time Levin has tried to rein in options but this time he might just succeed.