Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailCarried Interest Tax Hike Passes House in Tax Extenders Bill; Senate Outlook Unclear
June 1, 2010 in Daily Tax Report · Leave a Comment
The House voted 215-204 May 28 to extend dozens of popular tax cuts through the end of 2010 and raise taxes on investment fund managers and businesses with foreign income, but the outlook for the bill in the Senate remains uncertain.
Senate leaders had been prepared to try to clear the American Jobs and Closing Tax Loopholes Act (H.R. 4213) ahead of Memorial Day, but difficulties in finding support among Democrats in both houses delayed action on the bill by more than a week (102 DTR G-7, 5/28/10). As a result, the Senate adjourned late May 27 and will not begin consideration of the extenders package until the week of June 7.
Even then, Senate Majority Leader Harry Reid (D-Nev.) said May 28 that there will be a series of amendments offered on the bill, possibly requiring the House to vote on the measure again ahead of Congress’s Independence Day recess (see related report in this issue)…
