tax provisions - The S Corporation Association

Baucus III

The tax community is still waiting for the third version of the Baucus substitute to be released. A “trial balloon” draft circulated yesterday made certain changes, but failed to address many of the sticking points holding up the overall bill.

Meanwhile, Senators Baucus and Reid spent most of yesterday negotiating with swing Republican votes — at this point, just Maine Republican Senators Olympia Snowe and Susan Collins — to identify what changes are necessary in order to gain the 59^th and 60^th votes needed. As CongressDaily reports:

The chief target appears to be $24 billion to extend higher Medicaid matching funds …

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admin2019-02-06T17:20:59+00:00June 23, 2010|

Latest On Extenders and the Payroll Tax

So the Senate just adopted a stand-alone, six month Doc Fix. Adoption of this provision sends a couple signals for the broader extender package.

This action follows on last night’s failed 56-40 cloture vote on Baucus II. While this vote represented a significant improvement over the 45 votes in support of Baucus I, it still signaled to the Senate (and House for that matter) that the extenders plus package was not going to be completed this week. Hence the need for the stand-alone Doc Fix. Moreover, the adoption of this very large — and ultimately offset — spending item suggests that …

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admin2019-02-06T17:20:59+00:00June 18, 2010|

Small Business Tax Package Recap

With the Senate back in town this week, here’s a quick recap on the status of the S Corp reform tax title we’ve been advocating in Congress:

First, on January 10th, the House passed a clean minimum wage increase and sent the legislation to the Senate.
Second, on January 31st, the Senate added by voice vote $8 billion worth of small business tax provisions to the House wage increase, including an S Corporation Reform tax title incorporating several S Corp priorities.
Third, on February 16th, the House adopted its own $1 billion small business tax relief alternative to the Senate package. This package …

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admin2019-02-06T17:21:00+00:00April 10, 2010|

S Corp Champions Push BIG Relief

As Congress moves forward on the stimulus bill, the S Corporation Association continues to push Built-In Gains tax relief as a vital part of the package. If the economy is suffering from a lack of capital, BIG relief can help S corporations access capital currently locked-in by punitive tax rates.

As part of that effort, S-Corp allies Senators Lincoln (D-AR), Hatch (R-UT), Cardin (D-MD), and Snowe (R-ME) sent Senate leadership a letter today advocating for including BIG relief in the stimulus package. Their letter states:

Our proposal, as included in the S Corporation Modernization …

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admin2019-02-06T17:22:36+00:00October 29, 2008|

Bailout and Extenders Combined

As equity markets continue their wild swings while the credit markets signal distress, Congress will make another run at the financial sector bailout this evening.

This time the Senate will try. The new package retains the core of the bailout — authority for Treasury to purchase hundreds of billions of dollars worth of troubled mortgages and other assets — while adding an increase in FDIC insurance levels from $100,000 to $250,000, hurricane relief, and the Senate-passed tax extender package.

The Senate will take up the package this evening, voting around 8:00 pm Eastern Time. If it passes, the House will take it …

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admin2019-02-06T18:06:06+00:00October 1, 2008|