Home/Tag: tax credits

Tax Relief Grows in Proposed Stimulus

Congress is back and ready to legislate. First out of the box will be the long-anticipated economic stimulus package. Unlike previous efforts, the current push has the benefit of support from leadership in the House, Senate, and the new Administration, so we expect a sizable package to reach the President’s desk prior to the February recess.

What exactly will the package include? Details are being negotiated right now but the broad outline remains the same — a large package of spending on infrastructure, relief to cash-strapped states in the form of increased federal Medicaid payments, and tax relief to businesses and

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2019-02-06T17:22:36+00:00January 5, 2009|

Second Stimulus on the Horizon

A second stimulus package is being formulated up on the Hill, but is by no means a done deal at this point.B Just before adjourning for the election, the House passed a $61 billion bill containing infrastructure spending, aid to state governments and increased unemployment benefits, which will likely serve as a starting point for second stimulus discussion.B That package included:

  • $30 billion for infrastructure projects including highways, bridges, transit and water projects;
  • $1 billion for public housing;
  • $2.6 billion for food stamp program;
  • A temporary increase in Federal Medicaid assistance to states; and
  • An extension in unemployment

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2019-02-06T17:22:36+00:00November 10, 2008|

Bailout Votes This Week

The House is scheduled to vote on the financial sector bailout package later today. If it passes, the Senate will take it up on Wednesday.

The package itself retains the core Paulson proposal to give Treasury the authority to purchase $700 billion in problem mortgages held by banks and other financial institutions. The goal of the plan is to restore confidence in these institutions by eliminating this source of fear and uncertainty for the next two years. The ultimate cost of this plan to taxpayers will depend on how much further home prices fall. Some observers believe the taxpayer will be

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2019-02-06T18:06:06+00:00September 29, 2008|

Extenders Advance

Following a series of votes on alternatives, the Senate adopted a $150 billion package of tax extenders yesterday by a vote of 92-5. The key components of the package include:

  • A one year extension of the higher exemption amount under the Alternative Minimum Tax. This provision will prevent about 20 million taxpayers from getting sucked into the AMT when they file their taxes this April.
  • An extension of expired and expiring personal and business tax provisions, including the state sales tax deduction and R&E tax

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2019-02-06T18:06:06+00:00September 24, 2008|

S Corp Testifies in the House!

This week the House Committee on Small Business held a hearing to consider reforms that would promote equality and growth for S corporations. Rick Klahsen, a member of the S Corporation Association’s Board of Advisors testified on our behalf.

Rick’s testimony reviewed the dramatic growth of S corporations over the last half-century and identified critical reforms Congress should consider to improve the S corporation rules and level the playing field

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2019-02-06T18:06:08+00:00June 20, 2008|