Late Thursday, December 9, Senator Henry Reid introduced the Senate’s version of President Obama’s tax compromise legislation. The bill is titled Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (H.R. 4853).
On December 9, Speaker of the House, Nancy Pelosi, announced the House would not bring the tax cut bill to a vote since the majority of House Democrats are against it.
The debate on the bill will begin soon in the Senate. Accordingly, we have provided the outline of the bill's contents for your information. We will keep you apprised of its progress and identify some of its specific provisions in future Insights. In the meantime, if you have any specific questions on the legislation and how it may affect you, please call your Schneider Downs representative.
Schneider Downs provides accounting, tax, wealth management and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA, and Columbus, OH.
This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.