tax extender - The S Corporation Association

Baucus Substitute, Part II

After falling 15 votes shy of the 60 needed to close debate and move forward on the “extender plus” package, Finance Chairman Max Baucus offered up a second substitute last evening and Senator Reid immediately filed a cloture motion to end debate. That motion requires 60 votes and the vote would take place on Friday.

The new Baucus substitute is “slimmer” than the previous effort and apparently was designed to mirror the deficit impact of the House-passed bill. As such, its goal is not only to attract 60 votes in the Senate, but also to pass the House as well. As …

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admin2019-02-06T17:20:59+00:00June 17, 2010|

Payroll Tax Hike Taken Up in the Senate

The Senate began debate on the bloated tax extender package today. The House passed its version 215-204 shortly before leaving for the Memorial Day recess on May 28^th.

That vote was supposed to take place earlier in May, leaving time for the Senate to take action, but opposition to the tax hikes and higher deficits called for in the bill delayed consideration until the Leadership was able to cobble together the votes. As a result, the Senate had already left town and is just now taking up the bill today.

Regarding the schedule, Senator Reid faces a tight window to get the …

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admin2019-02-06T17:20:59+00:00June 8, 2010|

AMT and Other Updates

Just after Thanksgiving, we put together a list of the must-pass items that Congress would turn to in December, including the AMT/Extender package, omnibus spending bill, farm bill, S-CHIP, energy bill, and Medicare Doctors payment legislation.

With just a few hours to go in this congressional session, it looks like many of these items will clear the Congress “in one form or another” and be sent to the President. In just the last day, the two bodies dealt with the omnibus spending bill (including $70 billion to fund the war in Iraq), a six-month extension of doctors’ payments under Medicare and …

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admin2019-02-06T18:43:58+00:00December 19, 2007|