Senate Defeats Tax-Related Amendments to Transportation Bill

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The Senate continues to march toward passage of a $109 billion surface transportation bill with a host of tax-related provisions, but postpones a final vote until today. Prior to adjourning for the day, senators dispense with four amendments affecting programs within the Internal Revenue Code. All four attempts to amend the code are defeated, including efforts to extend expired and expiring tax cuts, such as the research and development tax credit. The legislation (S. 1813) would reauthorize highway, transit, and safety programs through fiscal year 2013, extend expenditure authority for the Highway Trust Fund through fiscal 2013, and extend the taxes streaming into the trust fund through fiscal 2015, including the 18.4 cents-per-gallon federal gas tax.