tax extenders - The S Corporation Association

BIG (Built-In Gains) Day

The Ways and Means Committee Subcommittee on Select Revenue Measures heard from Members last week on the tax extenders they care most about. Given the relative dearth of legislative opportunities this year, there was lots of interest in the session and lots of member involvement. Twenty-seven Members showed up to state their case for the tax breaks they believe should be made permanent and would create jobs and help the economy.

From our perspective, they saved the best for last, as the final witness of the day was S-Corp champ Congressman Dave Reichert (R-WA), who made the case for the common-sense …

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admin2019-02-01T20:21:28+00:00May 1, 2012|

New Year, Similar Outlook

It’s a new year but the outlook for tax policy remains remarkably unchanged. The list of possible to-do items Congress might take on this year is pretty much the same and includes:

Extension of the Payroll Tax Holiday;
Extension of the Tax Extenders package that expired at the end of last year;
Extension of the 2001 and 2003 tax cuts that expire at the end of 2012; and
Tax reform.

You might view this list chronologically. If Congress were to take up each of these separately, the Payroll Tax Holiday is sure to be first, whereas any tax reform effort, while highly unlikely, is sure …

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admin2019-02-01T20:24:43+00:00January 23, 2012|

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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admin2019-02-04T15:47:04+00:00September 16, 2010|

Tax Policy on the Table for September

Members of Congress are back home and set to return mid-September for a final three week session before the November elections. Add in two or three weeks of possible “lame duck” session, and that’s the extent of time available to tax writers to address the numerous items on their honey-do list:

Preventing the 2011 tax hikes (including AMT);
Adopting the small business tax bill;
Extending the extenders that expired last year;
Extending the extenders that will expire this year; and
Something on the estate tax.

Given that these issues have been before Congress the entire year, it’s difficult to conceive how Congress would suddenly jump into …

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admin2019-02-04T15:47:04+00:00August 19, 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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admin2019-02-04T15:47:04+00:00August 3, 2010|