Vote on Business Tax Breaks Possible This Week

Durbin says delay on breaks including those for wind energy and corporate research adds to uncertainty.

The U.S. Senate’s second-ranking Democrat said a vote may be held this week on $205.1 billion in tax-break extensions, including those for wind energy, corporate research and financial services companies’ overseas operations.

“We would like to move to it before we leave, get a vote on it,” Senate Majority Whip Richard Durbin, an Illinois Democrat, said today in an interview in Washington.

Alternative Minimum Tax

The proposal also would ensure that more taxpayers aren’t subject to paying the alternative minimum tax in 2012 and 2013. The tax, initially designed to prevent high-income households from avoiding taxes legally, disproportionately affects people in high-income states with heavy local tax burdens, including New York, New Jersey and California.

Page 1 of 2

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


Advertisement. Closing in 15 seconds.