Senate Moves to Codify Economic Substance Doctrine in Passing One-Year Extension of Tax Breaks

The Senate March 10 passed, 62-36, a one-year extension of $31 billion in popular tax breaks, while permanently codifying the economic substance doctrine and imposing new penalties on firms using transactions structured for no purpose other than tax avoidance.

The American Workers, State, and Business Relief Act of 2010 (H.R. 4213) also would close a tax loophole that could allow paper manufacturers to claim a $1.01-per-gallon tax credit for their use of a pulp byproduct known as “black liquor” to power their plants…

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