Thursday, September 25, 2008

AS THE CONGRESS TURNS - THIS JUST IN

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The Senate overwhelmingly voted to approve an alternative minimum tax (AMT) relief and extenders bill (
HR 6049) on September 23…..The Senate bill, which also includes a package of clean energy tax incentives, passed by a vote of 93-to-2.”
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The item also reports that “The House has scheduled a vote on extenders tax legislation on September 24, but Democratic leaders and members of the House Ways and Means Committee said the Senate's partially paid-for package is unacceptable. Instead, Rep. Earl Pomeroy, D-N.D., said that the House might simply pass a smaller tax bill that only includes the provisions that can be paid for by the Senate-approved offsets.”

The White House has said it supports passage of the Senate bill, “despite the inclusion of several provisions that the administration opposes."

The bill contains a two (2) year extension of the expiring tax breaks.

What is it with this need for annual extension of tax breaks – it is nonsense. Either the deduction or credit is a good idea and should be in the Tax Code or it isn’t. While I do believe we have had some temporary tax breaks in the past – this new concept of having to vote to extend tax breaks every or every-other year is unique to Dubya’s term in office.

Let’s hope the cafones in Congress pass an extender bill, with the AMT patch, before the end of the week!

I will keep you informed on developments.

TTFN

1 comment:

Bruce said...

I see this as a sign of more work during the filing season. Good, but what a pain in the posterior. I had several clients last year delayed by the new rulings then. This year is proving to end up the same I think.