The Senate late yesterday passed the conference report on the bill, the Tax Increase Prevention and Reconciliation Act, on the heels of House passage Wednesday night. The tax-cut bill, supported by independent insurance agents and brokers, will extend the $100,000 limit on small business expensing to $400,000 through 2009; extend capital-gains and dividend tax cuts through 2010; and create an alternative minimum tax (AMT) patch.
“The tax bill that both houses of Congress have passed is important to our members and business owners and employees throughout America,” says Charles E. Symington Jr., Independent Insurance Agents & Brokers of America senior vice president for government affairs and federal relations. “Raising the alternative minimum tax exemption, allowing greater expense write-offs and decreasing taxes on capital gains will all help our members and their employees by shielding them from unanticipated or onerous federal taxation. We appreciate the action of members in both houses in passing these much-needed reforms.”
“We applaud Congress for its work and for doing the right thing for main street businesses across the country,” says Brendan Reilly, Big “I” assistant vice president for federal government affairs. “We are hopeful that President Bush will sign this important bill into law very soon, and we also look forward to working on making the individual tax cuts permanent, which is important for Subchapter S corporations, which include many main street independent agencies.”
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