tax extenders - The S Corporation Association

Congress Passes Bailout — Goes Home for Elections

The House reversed course today and voted to adopt the expanded Treasury bailout package by a vote of 263-171.

As S-Corp readers know, the Senate took the original Treasury plan, added the tax extender package, some hurricane relief, and a temporary boost in FDIC insurance levels, and passed the broader legislation 74-25 on Wednesday.

Fifty-seven members of the House switched from No to Yea today. The package is now law. The President signed it as soon as the bill traveled sixteen blocks up Pennsylvania Avenue.

So how will this impact S …

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admin2019-02-06T17:22:36+00:00October 3, 2008|

Bailout and Extenders Combined

As equity markets continue their wild swings while the credit markets signal distress, Congress will make another run at the financial sector bailout this evening.

This time the Senate will try. The new package retains the core of the bailout — authority for Treasury to purchase hundreds of billions of dollars worth of troubled mortgages and other assets — while adding an increase in FDIC insurance levels from $100,000 to $250,000, hurricane relief, and the Senate-passed tax extender package.

The Senate will take up the package this evening, voting around 8:00 pm Eastern Time. If it passes, the House will take it …

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admin2019-02-06T18:06:06+00:00October 1, 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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admin2019-02-06T18:06:06+00:00September 29, 2008|

Congressional Overview

We are nearing the finish line for the 110^th Congress with more on the table than when we started nearly two years ago.

None of the 12 bills to fund the government have been adopted. Tax provisions that expired at the end of 2007 remain to be extended. And the collapse of the subprime mortgage market that began a year ago with the failure of several hedge funds has grown into a full fledged credit crisis that, according to the Administration, threatens to harm the entire economy.

It appears Congress will stay in through next week and will have to address the …

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admin2019-02-06T18:06:06+00:00September 26, 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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admin2019-02-06T18:06:06+00:00September 24, 2008|