tax credit - The S Corporation Association

KEY NEW SENATE POSITIONS ANNOUNCED

The “Lame Duck” session of Congress convened this week to tackle a number of organizational and legislative priorities. The 109th Congress must wrap up the remaining 2007 fiscal year spending bills or at least pass a “continuing resolution” to fund the government through the rest of the fiscal year while also preparing for the 110th Congress with leadership elections and committee assignments.

Yesterday Senate Democrats voted for leadership positions electing Senator Harry Reid (D-NV) as the new Majority Leader and Senator Dick Durbin (D-IL) as Assistant Majority Leader. The Senate Democratic Steering Committee also tentatively announced which Democrats will serve on …

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admin2019-02-06T18:47:18+00:00November 15, 2006|

So Little Time, So Many Tax Bills

Congress has about six weeks left of session before it leaves for the mid-term elections and a very full list of unfinished items on the agenda. Just on the tax front, there is possible action on:

changes to the estate tax rules
reform of our pension system
extension of expiring tax provisions like the R&E tax credit
a potential energy tax package
and a possible increase in the minimum wage bill combined with small business tax provisions.

While we would never close the door on full consideration of each of these items, the closer we get to the election and a very probable lame-duck session of …

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admin2019-02-06T18:47:19+00:00July 18, 2006|

No Agreement on H.R. 4297

House and Senate tax writers failed to reach an agreement this week on a final tax reconciliation conference report (H.R. 4297), despite earlier predictions that a final bill would be unveiled this week. It appears that the final bill will include both the AMT relief the Senate wants and the extension of the lower rates on investment income the House wants, as well as provisions necessary to cover the out-year revenue losses of the lower rates. According to Senate Finance Committee Chairman Grassley, these items add up to $74 billion over five years, $4 billion more than the budget limit. …

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admin2019-02-06T18:47:20+00:00April 28, 2006|