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Nov. 25 – An agreement by House and Senate negotiators to make permanent a handful of expired tax provisions appeared to take shape, only to draw an immediate veto threat from the White House.
The disconnect between Congress and the White House suggested that further adjustments would be needed to satisfy the Obama administration's desire for tax provisions aimed at middle-class households—and that otherwise, any potential deal could unravel.
Democratic negotiators from the Senate and Republican negotiators from the House zeroed in on as many as 10 provisions that could be made permanent Nov. 25, including the credit for research and development, business expensing under Section 179 of the U.S. tax code, benefits tied to charitable deductions from retirement accounts, and an equalized benefit for commuter parking and mass transit.
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