Home/Tag: vote

BIG Tax Relief on House Floor

It’s a big week for S corporations!  The House is scheduled to vote on several small business tax items, including permanently higher section 179 expensing limits and S corporation modernization legislation too!

The S corporation bill, newly-named the S Corporation Permanent Tax Relief Act of 2014, will bundle together HR 4453 (permanent 5-year BIG period) and HR 4454 (basis adjustment for charitable contributions). We expect the bill to be considered by the Rules Committee later today with debate and a vote on the bill to take place Thursday.

Making the five-year recognition period for built in gains permanent has been an S-CORP

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2019-02-01T20:05:23+00:00June 10, 2014|

Rate Debate Update

The rate debate continues. Last week, the Senate failed to extend all the current tax rates and policies by a vote of 45-54. Two Republicans voted against the measure because of a refundable credit issue and one Republican missed the vote due to illness, but even if you adjust for those votes, the Senate still came up short of a majority for not raising taxes on employers during a period of severely high unemployment.

Very disappointing and something pass-through businesses and the markets should pay sharp attention to.

We expect better results today and tomorrow when the House votes on two related

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2019-02-01T20:12:58+00:00August 1, 2012|

Rate Debate Begins

Majority Leader Harry this week filed a motion to proceed to the Senate Democratic bill (S 3414) to extend the Bush tax cuts for all taxpayers except the top two brackets. A procedural vote is scheduled for tomorrow.

Senate Republicans will push to have a vote on their own version which will extend current tax policies for all brackets. If an agreement is not reached on allowing alternatives, Republicans could try to block consideration of the Democratic bill.

So we now have competing proposals before the US Senate, which begs the question, does Leader Reid have the votes? He starts with 53

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2019-02-01T20:13:04+00:00July 24, 2012|