tax relief - The S Corporation Association

TAX BILL IN LAME DUCK?

Real quick, here’s what we’re hearing on the prospects of tax legislation moving when Congress returns next week:

Congressmen Hastert, Boehner, and Thomas are gathering today to decide what the House tax bill should look like. As we’ve previously reported, the best guess is a narrow bill that extends for a couple years expiring tax provisions like the R&D tax credit, together with some non-controversial trade proposals. Targeted provisions outside the usual extenders may get included, but that’s not clear right now.

On the Senate side, the limiting factor appears to be whatever can get adopted by voice vote. With the Senate …

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admin2019-02-06T18:47:18+00:00December 1, 2006|

Ways and Means Committee Chairman Introduces Estate Tax Relief

House Ways and Means Committee Chairman Bill Thomas (R-CA) has introduced legislation that would permanently extend lower taxes on estates. As S-CORP members may know, estate tax relief has been a top priority of the small business community and has particular importance for family-owned businesses.

The Thomas bill is intended to restart the debate on the so-called “death tax” after the Senate failed on a procedural vote to take up legislation (H.R. 8 ) to permanently repeal the estate tax. Senate Majority Leader Bill Frist (R-TN) has declared his intention to send the President a permanent estate tax relief bill before …

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admin2019-02-06T18:47:19+00:00June 20, 2006|

Tax Relief Bill Negotiations Proceed

Today’s Congress Daily includes a number of points about the conference between House and Senate negotiators:

“One source said April 25 it appears House negotiators will be willing to accept at least some of the offsets that were included in the Senate’s bill.”
“It also appears that negotiators are simultaneously working out the details of a second bill of tax break extenders that will be dropped from the reconciliation bill, the source said.”
“Pressure from the leadership and administration remains on conferees, Senate Finance Committee Chairman Charles Grassley (R-Iowa) said April 24, but he added that it was unclear whether a deal could …

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admin2019-02-06T18:47:20+00:00April 26, 2006|

New Congressional Budget Doesn’t Protect Tax Relief

There are two ways to pass a tax bill in the Senate: bring it up under the regular floor rules and gain the support of 60 Senators, or bring it up under the “budget reconciliation” process and attain the support of a simple majority. The budget offered by Senate Budget Chair Judd Gregg last week assumes $227 billion in lower taxes over the next five years, but doesn’t protect that tax relief under reconciliation.

What does that mean for S-CORP members?

It means that any tax bill brought to the Senate floor that conforms to the budget resolution would still …

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admin2019-02-06T18:47:20+00:00March 14, 2006|

Tax Relief Delayed - Pressure for Offsets Grows

Congress returns to legislative business this week following a week long Columbus Day recess. With numerous outstanding issues for Congress to consider before adjourning for the year (possibly by Thanksgiving, but December remains a distinct possibility), the small and family owned business community must continue to be vigilant for any misguided efforts to raise payroll taxes on S Corps and other small businesses.

The first priority of the tax writing committees continues to be legislation to encourage the physical restoration of the areas hit by Hurricane Katrina. Both the Senate Finance Committee and the House Ways and Means Committee are expected …

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admin2019-02-06T18:48:18+00:00October 18, 2005|