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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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2019-02-04T15:47:03+00:00September 24, 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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2019-02-04T15:47:04+00:00September 16, 2010|

Small Business & Extender Tax Bill Update 2.0

After reappearing briefly last week, the latest version of the tax extenders package (Baucus IV) has now disappeared. The plan was for the latest version to garner sufficient support and then be attached to the small business tax bill, but the small business bill was pulled, ending the chances of the extender package getting adopted before the August break.

That means all those tax provisions that expired at the end of last year, including the R&E tax credit and the state sales tax deduction, will have to wait until September at the earliest before getting another shot. That’s too bad, as

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2019-02-04T15:47:04+00:00August 3, 2010|

Small Business Bill — Slogging Through the Senate

Last night, the Senate voted 60-39 to close debate on a Landrieu amendment to restore the $30 billion lending facility to the small business bill. This amendment was made necessary because earlier in the week, the leadership had dropped the lending facility due to staunch opposition from key swing votes.

The Senate is now on an unrelated bill, but we expect it to resume debate on the small business bill sometime next week, which will likely push House consideration of the bill into September. What’s the prognosis? Here’s the S-CORP Crystal Ball:

2019-02-06T17:20:58+00:00July 23, 2010|