News Update

Friday, December 8 2006
The Republican-led House on Friday, December 8, 2006, passed a sweeping bill reviving expired tax breaks. The 367-45 vote on the tax bill reflected widespread bipartisan support for extending expired tax breaks, including the research and development tax credit for businesses, sales tax deductions for people in states without income taxes, the tax deduction on college tuition, a tax credit for hiring welfare recipients and others facing difficulties finding jobs and tax credits for alternative energy producers and purchases of solar energy equipment by homeowners and businesses. All told, the tax cuts would cost $38 billion over five years.

Also driving the massive bill forward was an effort to prevent a 5 percent cut in Medicare payments to doctors scheduled to take effect January 1, under a complicated government funding formula.

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