Senate Small Business Tax Package Passes

Published: February 8, 2007

<table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b> </b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">A small business tax package that includes real estate provisions has passed the Senate as part of a minimum wage bill, but prospects for passage of the real estate items by the House are uncertain. The tax package includes an extension of the 15-year leasehold improvements provision through March 31, 2008, and an extension of the $100,000 expensing rules through 2010. The House has neither considered nor passed a similar tax package, although it did pass the minimum wage increase. Ways and Means Committee Chairman Charles Rangel (D-N.Y.) does not support enactment of a tax package at this time. Accordingly, there is presently no plan to take the legislation (H.R. 2) to conference. Thus, the timing for enactment of the minimum wage increase is also uncertain. </td></tr></tbody></table>

Last modified: February 8, 2007 at 8:53 am | Originally published: February 8, 2007 at 8:53 am
Printed: September 21, 2020