Business Tax Issues in 2009 (CRS Report for Congress)
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| Release Date |
Revised Dec. 11, 2009 |
| Report Number |
R40500 |
| Report Type |
Report |
| Authors |
Donald J. Marples, Specialist in Public Finance |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
Throughout 2009 attention has continued to focus on stimulating the economy. In February,Congress enacted the American Recovery and Reinvestment Act of 2009 (P.L. 111-5). Two of theact's business tax provisions provided for a temporary increase of small business expensing andtemporary "bonus" depreciation limits, while other provisions allow a delayed recognition ofcancelation of debt income and five-year carryback of net operating losses for small businesses.The act also modified several renewable energy provisions, including the Renewable EnergyProduction Tax Credit, the Investment Tax Credit, and tax credit for Alternative Fueling Property.In addition, the President's Fiscal Year 2010 Budget Proposal proposes to modify selectedbusiness taxes, remove or restrict several oil and gas tax provisions, and reform internationaltaxation.As the year has progressed, congressional deliberations have turned towards the extension ofseveral expiring business tax provisions, energy taxation, tax shelters, international taxation, andhealth care. In particular, the Tax Extenders Act of 2009, H.R. 4213, passed the House onDecember 9, 2009, and was received in the Senate the following day. This report will be updatedin the event of significant legislative activity.
