The White House has announced that the framework agreement announced by President Obama on extending the “2001/2003 Bush Tax Cuts” for an additional two years will also secure a number of expiring business tax credits. At time of press, the full text of the agreement has not yet been released but it is being reported that the regular tax extender provisions that expired in 2009 (such as the New Markets Tax Credit) will be extended for two years (specifically 2010 and 2011). Provisions expiring in 2010 (GO Zone extension, 1602/Exchange, Build America Bonds, etc”¦) are being reviewed and some may be extended through the end of 2011. This proposal would need to be passed by both the House and Senate. The proposal is meeting some resistance from liberals in Congress and its ultimate prospects for passage are uncertain. NH&RA will report further as additional details are released. Read More…
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