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Senate Approves Tax Extenders Bill

The Senate on March 10 approved by a 62 to 36 margin legislation (The American Workers, State and Business Relief Act, HR 4213) that would extend through 2010 approximately $30 billion worth of expired tax provisions and increased unemployment and COBRA benefits. The measure now heads to the House, where House Ways and Means Chairman Sander M. Levin, D-Mich. said he may call for a conference to resolve differences between the two chambers' bills. The House passed an extenders bill on Dec. 9, 2009 (TAXDAY, 2009/12/10, C.1).

Earthquake in Chile Designatred as Qualified Disaster by IRS

The IRS has determined that the Chilean earthquake, which occurred in February 2010, is an event of a catastrophic nature for federal tax purposes, and has consequently designated the earthquake as a qualified disaster under Code Sec. 139.

House of Representatives Passes Amended Version of HIRE Bill

The House approved an amended version of the Senate-passed Hiring Incentives to Restore Employment (HIRE) Bill (HR 2847) on March 4. Lawmakers approved the measure by a vote of 217-to-201, after making minor changes to the legislation. The bill's chief difference with its Senate counterpart is that it would raise $9.9 billion by delaying until 2020 the implementation of worldwide allocation of interest rules. The Senate passed its version of the jobs bill on February 24 (TAXDAY, 2010/02/25, C.1) and is expected to take action on the latest House version during the week of March 8.

President Obama Signs Temporary Extension Act of 2010, Extends Funding for COBRA, UI Benefits

President Obama on March 2 signed the Temporary Extension Act of 2010 (P.L. 111-144, HR 4691) following five tumultuous days of a Senate hold placed on the legislation by Sen. Jim Bunning, R-Ky., over offsetting the cost. Obama, in a written statement, commended the Senate for bipartisan approval of the measure and consequently ending "this roadblock to relief for America's working families."

Senate Focuses on Extending Expired Tax Provisions and Credits - Tax Extenders Bill of 2009

The Senate on March 1 turned to renewing approximately $30 billion worth of expired tax provisions as Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., offered a substitute amendment to the Tax Extenders Bill of 2009 (HR 4213), which was approved by the House on December 9 (TAXDAY, 2009/12/10, C.1).

Senate Approves $15-Billion Jobs Package; Tax Incentives Extended

The Senate on February 24 approved, by a 70-to-28 margin, a $15-billion jobs package that Democrats hope will be the first of several successful job-related measures to pass over the next several months. Thirteen Republicans joined Democrats in voting for the bill and Senate Majority Leader Harry Reid, D-Nev., plans to soon release a second jobs-related package that would extend several expiring tax breaks favored by small businesses.

House Expected to Vote on Temporary Estate Tax Fix

The House, during the week beginning November 30, is expected to take up legislation that would extend current estate tax levels for one year. Advocates for a permanent fix to the tax said that Congress would likely revisit the issue in 2010.

House Passes Sweeping Health Care Reform Bill

House lawmakers made good on their promise to pass a sweeping overhaul of the nation's health insurance system, approving the Affordable Health Care for America Act (HR 3962) by a vote of 220 to 215. The historical vote came late on November 8, after lawmakers from both parties spent the day debating the merits of the legislation, including whether funding for abortion should be paid for by federal dollars.

Senate Unanimously Approves Unemployment Extension, Extends Homebuyer Credit

The Senate on November 4 approved, by an 98-to-0 margin, the Worker, Homeownership, and Business Assistance Bill of 2009 (HR 3548), which includes several tax-related provisions in addition to extending unemployment benefits. The House could approve the measure as early as November 5.

House Expected to Quickly Pass Unemployment Compensation Extension Bill of 2009

The House is expect to approve of the Unemployment Compensation Extension Bill of 2009 (HR 3548) once Senate lawmakers complete work on the measure, House Majority Leader Steny Hoyer, D-Md., told reporters on November 3.

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