Senate Finance leaders' agreement on extenders 

August 1: Senate Finance Committee leaders today unveiled legislation—Family and Business Tax Cut Certainty Act of 2012—that would extend expired tax provisions, including the alternative minimum tax exemption for 2012 and traditional “extenders” (like the research credit) through 2013, and announced a markup for August 2, 2012.

The agreement between Finance Chairman Max Baucus (D-MT) and ranking Republican Orrin Hatch (UT) is the first bipartisan move this year to continue the extenders, most of which expired in 2011 and some this year.


The $152 billion leaders’ mark would set the 2012 alternative minimum tax (AMT) exemption at $78,750 and $50,600 (married filing jointly / single taxpayers). The mark includes:


  • The subpart F exception for active financing income
  • The CFC look-through rule
  • Several energy provisions

Documents

The Joint Committee on Taxation (JCT) released a description that lists the extenders and a revenue estimate of the Baucus / Hatch agreement.




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Rick Speizman, National Partner-In-Charge, KPMG’s Exempt Organizations Tax Practice (ExoTax)

+1 (202) 533-3084





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