Senate Majority Leader Harry Reid (D-Nev) has introduced his own jobs creation bill, moving forward only some of the provisions provided in the bipartisan job legislation proposed by Senate Finance Committee Chair Max Baucus (D-Mont) and Chuck Grassley (R-Iowa). Reid's bill provides for a hiring tax credit, extends Internal Revenue Code section 179 expensing, and expands the Build America Bonds program. The bill would be paid for by offsets from the Foreign Account Tax Compliance Act of 2009 (H.R. 3933), which proposes changes to foreign account reporting rules. Both Republicans and Democrats criticized Reid, urging him to consider the bipartisan effort proposed by Senators Baucus and Grassley.
See Meg Shreve, "Senate Job Creation Package Would Use Foreign Account Tax Compliance Offsets," 21010 TNT 30-3, February 16, 2010.
Posted by Jenny Robertson, Associate Editor, Wealth Strategies Journal.
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