alternative minimum tax - The S Corporation Association

AMT Plan Imminent — House & Senate Moving in Different Directions

The Ways & Means held a hearing yesterday on the Alternative Minimum Tax. While there is broad consensus in the tax world that the AMT is broken, there is little common ground on exactly how to go about fixing it. To date, Congress and the Administration have confined their efforts to temporary, one or two year “patches” that raised the AMT exemption just enough to limit the growth of AMT taxpayers. The current higher exemption runs through 2006, however, so Congress needs to act in the next …

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admin2019-02-06T18:46:05+00:00March 8, 2007|

Energy Tax Bill and Energy Offsets

For those small business groups who are thinking that Big Oil will foot the bill for any energy tax title enacted this year, a new CRS report issued Tuesday provides little comfort.

The report, entitled “Oil and Gas Subsidies: Current Status and Analysis,” summarizes the current state of tax provisions targeted directly at the oil and gas industries. What they found is those tax “subsidies” are not as valuable as many people have assumed. As the report concludes:

“Although the above oil and gas tax subsidies may not be justified …

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admin2019-02-06T18:46:05+00:00March 2, 2007|

House Passes Small Business Tax Package — What’s the Next Step?

Real quick, the House just passed its small business tax package (H.R. 976) to accompany the proposed minimum wage increase, 360-45. This action follows a very bipartisan markup last Monday, where the tone of the hearing was a dramatic departure from what we’ve come to expect from Ways and Means meetings. That this comity occurred over a $1 billion package that included no S corporation provisions was a little disconcerting, but it is something we will have to work on.

So what’s the next step? The Senate could take up the House-passed …

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admin2019-02-06T18:46:06+00:00February 16, 2007|

A New Congress Brings New Tax Writers

Last week marked the swearing-in of all new Members of Congress and the official change in control of the House and Senate from Republican to Democratic hands. House Democrats elected Nancy Pelosi (D-CA) Speaker of the House and Senate Democrats elected Senator Harry Reid (D-NV) Senate Majority Leader.

On the Republican side, leadership was also elected - Rep. John Boehner (R-OH) is the Minority Leader of the House and Rep. Roy Blunt (R-MO) is Minority Whip – final committee assignments were also announced. Republican members filled the remaining two vacancies on the tax-writing Ways and Means Committee with Reps. Patrick Tiberi …

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admin2019-02-06T18:46:06+00:00January 9, 2007|

109th Congress Concludes Business

Out with the Old Challenges

Last week the House and Senate wrapped up the 109th Congress by approving a “continuing resolution” to fund the federal government through February 15th. Doing so leaves major 2007 spending decisions to the new Democratic-controlled Congress when they convene in January.

The House and Senate also approved a $45 million tax bill that extends for two years popular to tax benefits, such as the Research and Development and Work Opportunity Tax Credits, many of which expired at the end of last year. This comprehensive package also included an energy tax title that extended, again for two years, …

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admin2019-02-06T18:46:06+00:00December 11, 2006|