Thursday, December 24, 2009

Senate to Act on Tax-Extenders Package

Yesterday top lawmakers announced that they would be extending the $31 billion package of tax measures that are due to expire at the end of the year. It includes job creation efforts, renewable energy provisions, and state sales tax write-offs for taxpayers.

According to the Wall Street Journal, Senators Max Baucus (D., Mont.) and Chuck Grassley (R., Iowa) informed Majority Leader Harry Reid that the Senate Finance Committee will set the path to extend the credits when Congress returns from a holiday recess in January.

"These provisions are important to our economy -- not only because they help create jobs, but also because they are used to address pressing national concerns," the lawmakers said in the letter. "We understand that the expiration of these provisions creates uncertainty and complexity in the tax law."

Messrs. Baucus and Grassley are the chairman and top Republican, respectively, on the panel charged with writing tax law.

They said they intend to extend the credits retroactively to the beginning of 2010, so there is no gap for recipients of the measures. The package includes a $7 billion research and development credit, as well as a number of renewable energy provisions and a state sales-tax write-off for individuals.

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