From the Senate Finance Committee, chaired by Sen. Max Baucus (D-MT), “Baucus Introduces Bill to Create Jobs and Extend Family, Worker, Employer Tax Cuts”:
Washington, DC – Senate Finance Committee Chairman Max Baucus (D?Mont.) today introduced fully paid-for legislation to create jobs and extend critical tax cuts for individuals, families and employers, while closing tax loopholes for wealthy investment fund managers and large corporations. The bill would cut taxes for families paying college tuition, state and local taxes, and property taxes. It would cut taxes for employers to spur research and development and investment, freeing up cash to expand and hire new workers. And the legislation would bolster career training programs and provide wage assistance to help employers hire workers to help our economy grow.
The bill features many one-year extensions of current tax programs, exemptions, incentives and the like. For example, the R&D Tax Credit would be extended for one year, retroactively from the start of 2010.
News coverage …
- CQPolitics.com, “Senator Takes Another Shot at Moving a ‘Tax Extenders’ Package“
- WebCPA.com, “Baucus Introduces New Tax Cut Extenders Bill“
- Business Insurance, “Newest tax bill retains punitive damages provision“
- Bloomberg, “Build America Bond Extension for 1 Year Offered in Senate Bill“
More details from the Finance Committee:
- Job Creation and Tax Cut Act of 2010 [382.1 KB]
- Summary of the Baucus Job Creation and Tax Cuts Act [251.1 KB]
- Baucus Job Creation and Tax Cuts Act Modifications Summary [148.5 KB]
- Printer-Friendly Version [635.9 KB]
By the way, WebCPA does a fine job in its detailed reporting on these sorts of bills.
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