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TAX NEWS - FEBRuary 2010

Extenders, pay-fors possible in Senate jobs bill next week

Senate Democratic leaders announced on February 4 that they intend to consider a jobs-creation package during the week of February 8. Senate Democrats began discussing a potential jobs bill after the health care legislative effort stalled earlier this year. A specific proposal had not been introduced at press time.

Senate Majority Leader Harry Reid, D-Nev., said he wants to complete action on a bill before leaving for the President's Day recess, which begins February 15. According to sources off Capitol Hill, the package could include a one-year extension of expired tax provisions such as the research tax credit, subpart F active financing and lookthrough exceptions, and the state and local sales tax deduction, among numerous others.

In a February 4 news release on their jobs agenda, Senate Democrats indicated the package would include a "Jobs Creation Tax Credit," but did not provide additional details.

Rumored offsets for the legislation include anti-tax haven provisions in the Foreign Account Tax Compliance Act (FATCA) which was introduced in late October by top congressional taxwriters, a provision excluding "black liquor" from the section 40(b) cellulosic biofuel producer credit, and codification of the economic substance doctrine.

For its part, the House passed jobs legislation in December that largely focuses on infrastructure spending and extending unemployment insurance benefits.
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