Senate Republicans Secure Votes on Tax Bill

WASHINGTON – Senate Republicans have secured enough votes to move a $70 billion, five-year tax bill through the Finance Committee Tuesday afternoon -- without the extension of President Bush's 15 percent tax rates on capital gains and dividends that are set to expire in 2008, The Wall Street Journal reported.

Senate Republicans plan to add a provision extending the 15 percent rate on capital gains and dividends through 2010 as the bill winds its way through the legislative channels.

The legislation the Finance Committee will approve includes $7 billion to encourage companies to rebuild after hurricanes in the Gulf region, $30 billion to exempt millions of Americans from the alternative minimum tax for another year and billions more to encourage companies to invest in research and hire low-skill workers.

The House plans to approve a two-year extension of the capital gains and dividends rates by week's end. The Ways and Means Committee will take up the legislation Tuesday night.

-- NYSSCPA.org News Staff

Posted on 11/15/05