Subscribe to the Tax Headline RSS feed | Subscribe to the Tax Headline feed via EmailSenate Majority Leader Reid Seeks to Limit Debate, Pass Tax Extenders Legislation by Week’s End
June 15, 2010 in Daily Tax Report · Leave a Comment
Senate Majority Leader Harry Reid (D-Nev.) filed a motion June 14 to invoke cloture on the tax extenders bill (H.R. 4213) in an effort to complete the Senate’s version of the legislation by the end of the week.
In addition to renewing about $32 billion in expired tax breaks for tax year 2010, the bill would change the tax treatment of carried interest earned by investment fund managers, impose tougher rules on the use of foreign tax credits by multinational companies, and tighten rules on professional service providers who run Subchapter S corporations.
The bill also includes an extension of federal unemployment insurance benefits and would delay a scheduled cut in Medicare reimbursement rates for doctors.
