Congress passed the Continuing Resolution yesterday, providing funds to keep the government going through December 3rd. While many hoped the legislation would include Senator Baucus’ Tax Extenders Bill, those hopes were dashed. That, however, was not a surprise.
The lame duck Congress will reconvene in November at which time there will be a new opportunity to deal with the various expired tax provisions. There are no guarantees but we’re keeping our fingers crossed.
Here’s a short list of programs that would be included in the tax extenders bill. Please see the bill’s summary from the Senate Finance Committee’s legislation page. As I mentioned before, there is a lot more to this bill that I am not mentioning here.
- Research & Development Tax Credit
- New Markets Tax Credit
- Empowerment Zones
- Renewal Communities
- District of Columbia Enterprise Zone
- Indian employment credit
- Extension of the TANF program
- Extension of tax incentives for the New York Liberty Zone
- Extend Work Opportunity Tax Credit (WOTC) for Hurricane Katrina Employees
See previous post.