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Thursday, March 11, 2010: The Senate yesterday passed tax legislation that extended several provisions for businesses and individuals. Key among the extended provisions are the Research and Development Tax Credit, deduction of state sales and use tax, and the new markets tax credit. Basically, all extenders were passed by the Senate. The extensions are through the end of 2010, so there will be another fire drill next year. This will be the 14th time that the Research and Development Tax Credit has been extended.
Discussions with the House on the extenders package are not expected to be overly problematic, given that the incoming Chairman of the Ways and Means Committee, Congressman Levin, has already stated his openness to dropping the House's carried interest provision as a payfor. Both chambers are already looking toward a small business tax relief package for consideration.
Please send any thoughts or suggestions you may have for inclusion in that legislation to Dean Zerbe at Dean.Zerbe@alliantgroup.com.
Clich HERE to read coverage of the Senate bill on WebCPA.com.
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