Senate Passes Expansions of Home Buyer Credit, NOL Carryback

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The Senate votes 98-0 to pass a bill (H.R. 3548) that would extend and expand home buyer tax credits and the net operating loss carryback rules into 2010. The cost of the extensions would be offset by a six-year delay of the implementation of a tax break on worldwide interest allocation slated for use by multinational firms. The bill, an extension of unemployment insurance benefits for individuals whose benefits were about to expire, would also increase penalties for S corporations and partnerships that fail to file their tax returns, and would require paid individual tax return preparers who expect to prepare 10 or more returns per year to file electronically.