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Today's Top Tax Article  |
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Senators Propose Extending Business Tax Breaks, Delaying Pension Rules
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Senate Finance and Health committee leaders offer a bill to extend expiring business tax incentives and suspend pension funding requirements to help stabilize the economy. Finance Chairman Baucus says the bill would extend bonus depreciation for one year—through 2009—by allowing a taxpayer to depreciate 50 percent of the cost of an asset in the year in which the asset was acquired. The bill also would extend the Section 179 provisions by one year. Another provision would suspend rules requiring individuals to begin withdrawing money from their individual retirement accounts at age 70 1/2.
This article was originally printed in today's BNA Daily
Tax Report.
Recent developments >>
Featured Analysis |
Emergency Economic Stabilization Act of 2008 and Related Developments - an Employee Benefits Update
By Jennifer Eller, Esq.
Groom Law Group, Chtd., Washington, D.C.
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The Emergency Economic Stabilization Act of 2008 (“EESA”) became law on October 3, 2008. Since then, there have been a number of unfolding stories connected with EESA and the broader set of initiatives undertaken by the U.S. Treasury, the Board of Governors of the Federal Reserve and the Federal Deposit Insurance Corporation to restore and stabilize the U.S. credit and financial markets. While the focus of these initiatives is on rescuing the financial markets, a number of these developments affect employee benefit plans.
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