tax credits - The S Corporation Association

Stimulus Boost to Senate Bill

The initial GDP estimate for the first quarter of 2008 (based on data from October, November and December 2007) came in yesterday at a very low 0.6%.

That’s a big reduction from the 4.9% increase in the 3^rd quarter, and makes clear that the subprime and credit market problems that emerged beginning in August are reverberating through the broader economy.

Congress is responding. The House passed stimulus legislation on Tuesday by an overwhelming margin that would provide tax rebate checks to families of $1,200 per couple and $300 per child, as well as allowing businesses to write-off investments faster and banks to …

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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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