Senate Finance Committee members this week supported seemingly contradictory goals by voting to extend narrow tax breaks as they touted an overhaul of the tax code that would imperil some of those same benefits.

A $205.1 billion proposal, approved yesterday by the panel on a 19-5 bipartisan vote, would provide benefits for corporate research, wind energy producers and financial-services companies doing business outside the U.S. It also would prevent the expansion of the alternative minimum tax for 2012 and 2013.

“Tax reform is so monumental, is like the earth being hit by a huge asteroid,” said Senator Jay Rockefeller, a West Virginia Democrat who distinguished the bill from the trade-offs that would be part of an eventual tax overhaul. “We all know that we're going to have to do some things that we don't want to do at all, and I think people are kind of prepared to.”

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.