The Washington Wire Archive - The S Corporation Association

Built-In Gains Relief Passes the House, Headed to President!

Good news for investment and S corporations! The House yesterday adopted a five-year holding period for built-in gains as part of a larger small business tax bill; the temporary one-year provision would take effect in 2011. The bill now heads to the President and should be signed into law on Monday. As BNA reported:

The House voted 237-187 Sept. 23 to pass a small business bill (H.R. 5297) that includes $12 billion in tax cuts. The legislation includes a one-year extension of the 50 percent bonus depreciation provision created in the American Recovery and Reinvestment Act (Pub. L. No. 111-5), an …

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admin2019-02-04T15:47:03+00:00September 24, 2010|

The Rate Debate Continuesb&

Finance Committee Chairman Max Baucus staked out unique turf yesterday, calling for keeping tax policy stable for middle class taxpayers, allowing rates to rise for taxpayers making more than $250,000, but for taxing capital gains and dividends at 20 percent.B As BNA reports:

“I’m going for policy, and I think 20 percent for both capital gains and dividends is the right policy,” Baucus told reporters. Baucus acknowledged that the tax cut would specifically benefit the same $200,000 per year individuals that he has said should not expect to see their ordinary income tax rates cut again for 2011, …

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admin2019-02-04T15:47:03+00:00September 22, 2010|

Senate Passes Built-In Gains Relief

After months of maneuvering, the Senate today adopted H.R. 5297, the Small Business Jobs and Credit Act.B This legislation includes a number of business-friendly provisions, including the built-in gains tax relief so important to the S Corporation Community.B This is a big (excuse the pun) victory for S corps everywhere!

The bill now moves back to the House, where it could take two paths.B On the first path, the House takes up the Senate version, passes it intact, and sends it to the President for his signature.B The second path would include House amendments and more floor …

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admin2019-02-04T15:47:04+00:00September 16, 2010|

Small Business Update

The Congress is back, and Senator George Voinovich (R-OH) indicated last week that he will support closing debate on the small business tax bill pending in the Senate.B He should be the 60^th vote, clearing the way for that bill to pass the Senate and move into negotiations with the House.B Thatb�s good news for private enterprise.

In a twist, the Senator indicated the price for his support would be a Senate vote to repeal the 1099 reporting requirement adopted as part of the health care reform bill earlier this year.B As a reminder, this new law requires businesses to …

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admin2019-02-04T15:47:04+00:00September 13, 2010|

Business Community Opposes Tax Hike

Following yesterday’s comments by President Obama, the S Corporation Association joined together with more than 30 other business associations to make the case for action by Congress to avoid the massive tax hike on private enterprise looming next year. As the letter states:

Main Street businesses are America’s job creators. They are responsible for 60 percent of the net new jobs created in the last decade. But uncertainty about the economy and looming tax hikes have kept this sector from hiring new workers, resulting in a weak economic recovery and slow to nonexistent job growth. Until Main Street begins to …

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admin2019-02-04T15:47:04+00:00September 9, 2010|