CCH Tax News: House, Senate Reach Accord on FY10 Budget

According to the CCH news article, "House, Senate Reach Accord on FY10 Budget," House and Senate leaders agreed on Apr. 27 on a fiscal year (FY) 2009-2010 budget resolution. The resolution includes a $764 billion provision in tax cuts over a five-year period. It would extend the 10-percent tax bracket, the child tax credit, marriage penalty relief, and education incentives, as well the 2001 and 2003 tax cuts for families making under $250,000. It would provide three years of AMT relief and would permanently extend the 2009 estate tax reform proposal, which would allow a $7-million exemption for couples and a $3.5-million exemption for individuals. The budget resolution also would provide for two years of extenders.