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Wednesday, August 29, 2012

Legislative update on the expiring tax provisions


Many of the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (P.L. 107-16) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (P.L. 108-27), are scheduled to expire at the end of 2012.
The math in the Senate is basic when it comes to the passage of any legislation to mitigate the impact of the expiring provisions – 60 votes. As it stands, the Senate consists of 53 Democrats and 47 Republicans. There must be some measure of bipartisanship to prevent the full realization of the scheduled tax increases. Unfortunately, there has been little agreement between the parties regarding what tax incentives to extend from the current tax law. There are currently two bills competing for votes.
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