Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailSenate Extenders Bill Includes ‘Black Liquor,’ Economic Substance Provisions as Offsets
March 2, 2010 in Daily Tax Report · Leave a Comment
Senate Finance Committee Chairman Max Baucus (D-Mont.) in a March 1 statement said that legislation (H.R. 4213) to extend $31 billion in expired tax cuts will be paid for by codifying the economic substance doctrine and denying paper mills a biofuels tax credit for their use of a fuel known as black liquor.
The revenue raisers would be used to offset one-year extensions of more than 40 tax cuts for individuals and businesses that already…
