Following three hours of debate in the Senate that began in early Wednesday evening, the measure passed by a vote of 74 to 25. This bill mimicked, in many ways, the version the House rejected in that it is based around a plan for the government to buy up toxic debt from beleaguered financial institutions.
The Senate version, though, differs from the earlier measure considered by the House in that it includes several tax incentives. The end result is a price tag that will be higher than the original figure of $700 billion--but also a bill more likely to actually pass.
The bill, for instance, extends several renewable energy tax breaks for both individuals and businesses. It also extends other expiring tax breaks, including an R&D credit for businesses and the deduction of state and local sales taxes on individuals' federal returns. It also provides another year of relief from the much-hated Alternative Minimum Tax, which pushes many middle class taxpayers into a higher tax bracket.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.