According to House Majority Leader Steny Hoyer (Dem) the U.S. House of Representatives will vote on the Small Business Jobs Bill next week. HR 5297 was passed by the Senate earlier this week, and sent back to the House for approval. It is believed that if the bill passes the House this time, it will also be signed by President Obama.
From Representative Hoyer’s press release:
Next week, we will take action on the Small Business Lending Act, which we are discussing with our Members. This bill will provide needed assistance to small businesses and help them expand and add jobs. There will be no votes in the House on Tuesday, September 21st. The House will meet for legislative business on Wednesday, September 22nd, at 2:00 p.m., with votes postponed until 6:00 p.m
As I mention in my post on Tuesday, this bill would provide a 5-year carryback for Work Opportunity Tax Credits and would expand the utilization of all other general business credits by removing limitations associated with the alternative minimum tax or AMT.
See other posts on this subject.
[Update 10-11-2011: Although the legislative summary by Senate Finance Committee does not mention this, the IRS website states that these provisions only apply to tax credit generated in 2010 or that was carried forward to 2010 from prior periods. Here’s the IRS language:
“This is a one year initiative applicable only to the tax year 2010 (For fiscal year filers, the effective tax year is the first tax year beginning after December 31, 2009). The five-year carryback period is available only for credits carried forward to the tax year 2010 and/or earned in the tax year 2010”
End update]
[Update 10/24/2011: The day after I posted the previous update above, the IRS changed the language I quoted, creating a much different picture of the tax credit available for carry back. As of October 12, 2011 the IRS site reads :
“This is a one year initiative applicable only to the tax year 2010 (For fiscal year filers, the effective tax year is the first tax year beginning after December 31, 2009). The five-year carryback period is available only for credits earned in the tax year 2010.”
Note that it now explicitly states that only credit generated in tax year 2010 is able to be carried back 5 years.
End update.]
