Financial rescue legislation passes with tax extender package
Ohio Society sponsors hot topic webinar to cover the 100+ changes to tax law featuring Lynn Nichols
The Emergency Economic Stabilization Bill of 2008 passed last week contains more than 100 tax provisions. The provisions range from special capital gain rules on certain securities to a one-year extension on the AMT patch.
The original version of the bill that the House defeated did not include the AMT patch or the tax extender package. The Senate included the tax extender package in the Stabilization Act making it one of the largest tax bills in recent years, as it makes almost 300 changes to the Internal Revenue Code.
Specifically, provisions in the bill:
- Renew retroactively the research and development tax credit and other business and individual tax incentives through 2009 that expired at the end of 2007
- Patch the AMT by increasing the exemption amounts for individuals and couples
More resources and news regarding Emergency Economic Stabilization Act of 2008
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