Wednesday, August 11, 2010

President Obama Signs $10b of International Tax Increases

According to the Tax Prof Blog, President Obama signed H.R. 1586 into law yesterday. The legislation creates a “$10 billion fund to prevent teacher layoffs and provide a temporary increase in the Federal Medical Assistance Percentage, funded with corporate international tax changes.”

You can find more information on the new law through the official links below:

White Another Step Towards Sustainable Recovery

Technical Explanation of the Revenue Provisions of the Senate Amendment to the House Amendment to the Senate Amendment to H.R. 1586 (JCX-46-10)

Joint Committee on Taxation, Estimated Revenue Effects

Blog Archive