Extensions for Main Street

Three cheers for Sen. Olympia Snowe (R-ME) and Sen. Mary Landrieu (D-LA) for fighting to move extensions of expired tax provisions benefiting Main Street businesses! Senators Snowe and Landrieu introduced the Small Business Tax Extenders Act of 2012 (S. 2050) this week to extend through 2012 those tax provisions benefiting Main Street businesses that were allowed to expire last year – including, an S-CORP priority, built-in gains (BIG) relief. Other provisions include extensions of the:

  • Temporary 100 percent exclusion of gains on certain small business stock;
  • 5-year carryback of general business credits of eligible small businesses;
  • AMT rules for general business credits of

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