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Congress's Last Acts Include Tax Breaks

December 11, 2006 - The 109th Congress adjourned on December 9th, 2006 with final passage of measures to expand civilian nuclear trade with India, establish permanent trade relations with Vietnam and extend a bevy of expired and expiring tax breaks.

The centerpiece of the closing hours' work was a tax-and-trade bill.

The measure temporarily extended expiring tax breaks for business research and development, for hiring people off the welfare rolls and energy conservation incentives. It reinstated (extended) tax provisions which expired on 12/31/05:
  • Adjustment to income for Tuition and Fees
  • Adjustment to income for Educator Expenses ($250)
  • Schedule A Deduction for State and Local Sales Tax
The bill awaits the signature of President Bush. As the Internal Revenue Service has already sent 2006 Forms to the printer without lines for these adjustments and deductions, IRS will issue Revenue Procedures on how these items will be presented on the 2006 tax returns.

NSTP will inform the membership when further announcements are made.
"I was first attracted to GLO, because of their bundled approach to accounting and financial planning services. The firm has done a lot for me - from tax returns to wills, to pension and estate planning. They are more than capable, and focused on complete customer service. Carl Glaw has tremendous ethics and a passion for giving back, which means a lot to me. It's very unusual to find an accountant that's as multi-talented as he is - no doubt, the best I've seen in my career."

Robert Casey, Associate Dean, C.T. Bauer College of Business, University of Houston
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