Senate Vote on Extension of Temporary Tax Credits Bill Delayed Until Today

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The Senate votes 66-34 to cut off debate on a one-year extension of $31 billion in temporary tax breaks, as well as longer-term extensions of unemployment insurance benefits and tax credits to help unemployed individuals keep their health insurance. A spokesman for Senate Majority Leader Reid says plans for a final vote on the bill have been postponed until today at the request of Republicans. H.R. 4213 includes provisions to extend the popular research and experimentation tax credit, the Subpart F active financing exception, and a 15-year cost recovery provision for improvements to restaurants and retailers. Senators adopt an amendment to extend the tax code Section 45 renewable energy tax credit to refined coal products used for steel industry fuel. The Senate also approves a pension funding relief amendment to H.R. 4213, moving some employers closer to their immediate goal of preserving cash for jobs rather than pensions, proponents of the amendment say.