Senate Finance Approves Two-Year AMT Patch, Extenders Package

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Senate Finance Committee approves a $205 billion package of tax cuts that would extend items such as the “patch” for the alternative minimum tax, the research and development tax credit, and the deduction for state sales taxes through 2013. While the legislation, the Family and Business Tax Cut Certainty Act, is still slimmed down from prior years' extenders bills, a number of the provisions that had been cut during the negotiation process are added back in amendments during the markup. The legislation is expected to move to the Senate floor in September, according to Senate Majority Whip Durbin. More » … In approving the package, the Finance Committee cleared a measure that would extend, for one year, a 2.2 cent-per-kilowatt-hour production tax credit for the wind power industry and other expiring energy incentives. An earlier version of the legislation excluded the credit, which expires at the end of 2012, but Committee Chairman Baucus releases an updated version to extend the credit through 2013.