It appears that the Senate has just this morning passed a bill extending the expired tax breaks for two years (2006 and 2007) by a 79-9 vote. As mentioned in my last posting, the House had passed the bill on Friday.
The extended tax breaks include the above-the-line adjustments to income for educator expenses and tuition and fees and the option to deduct state and local sales tax instead of state and local income tax, among others.
As soon as George W signs the bill and I get a chance to review it I will post an analysis on the FEDERAL TAX UPDATE Page at my website.
TTFN
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