Republican and Democratic lawmakers in a conference this week agreed to extend $145 billion worth of President Bush's tax cuts.

At press time, both the House and Senate were expected to pass final legislation as soon as the end of this week.

In a conference committee on H.R. 1308, lawmakers from both parties agreed to extend for five years the $1,000 child tax credit; to extend tax breaks to reduce the so-called marriage penalty for four years; and to extend for six years the lowest tax bracket of 10 percent.

The bill would also extend alternative minimum tax relief for individuals through the end of 2005 and would include combat pay in earned income for the child tax credit and the earned income credit.

The committee added roughly $13 billion in expiring business tax provisions, including extending the research tax credit through the end of 2005.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access