Latest tax developments …
From Reuters, “Tax loss carryback proposal gaining U.S. support“:
WASHINGTON (Reuters) – A proposal to expand U.S. companies’ ability to apply losses in 2008 or 2009 over the prior five years to get immediate cash is gaining traction in the U.S. Congress.
All companies, no matter what size, would be able to apply losses in one of those years to full year taxable income for the prior four years and to 50 percent of income in the fifth year, according to a summary of a plan backed by Senate Majority Leader Harry Reid and Senate Finance Chairman Max Baucus, both Democrats.
The NAM’s web materials supporting Net Operating Loss legislation are available here.
Bloomberg, “Nelson Says Senate to Extend, Reduce Homebuyer Credit“:
Oct. 26 (Bloomberg) — Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
UPDATE (12:20 p.m.): The Washington Examiner today has a First-Time Homebuyers’ Guide insert with this story, “‘Good chance’ Congress will vote to extend tax credit,” interviewing Rep. Frank Kratovil (D-MD), a Realtor. Extend the credit, but not expand it, is the conclusion.
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