Senate deal to revive tax breaks to be blocked by Coburn
Turning the committee's agreement into law will take time. Congress will leave Washington at the end of the week for a recess scheduled to last until Sept. 10.
August 1, 2012
by Richard Rubin
in Bloomberg News
The Senate Finance Committee early today had scheduled a vote for tomorrow on the $152 billion plan, which would continue most of the breaks through 2013. Coburn, saying he wanted more time to review the measure, said he would invoke a rule requiring 48 hours notice of a committee vote.
The bipartisan proposal doesn't include several lapsed or expiring breaks, including the production tax credit for wind, accelerated depreciation for motorsports tracks, tax breaks for investment in the District of Columbia and a tax credit for ethanol.
Senators may add some of those provisions into the bill tomorrow if the... [continue via Web link]