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The House votes 241-181 in favor of extending $31 billion in expiring tax cuts and paying for them by imposing new taxes on investment fund managers and cracking down on overseas tax avoidance maneuvers. The bill (H.R. 4213) would extend the popular research and development tax credit, the deduction for state sales and real property taxes, an exception for Subpart F active financing income, and the deduction allowed for teachers who purchase their own classroom supplies. One offset in the bill would tax at ordinary income tax rates carried interest, the share of profits that investment fund managers are allowed to keep as part of their compensation. The bill also would impose a 30 percent withholding tax on payments to foreign banks unless they acknowledge the accounts to IRS and disclose account ownership, amounts, and fund transfers.
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