The Senate passed an amendment to the compromise housing bill that will allow money-losing businesses to elect to use accumulated alternative minimum tax credits and research and development credits early.

With the amendment, such businesses will be able to make new investments in lieu of the bonus depreciation provision in the recently enacted economic stimulus bill. The amendment, sponsored by Senators George Voinovich (pictured), R-Ohio, and Debbie Stabenow, D-Mich., passed by a vote of 76-2. The provision aims to help companies that cannot benefit from bonus depreciation because they do not have any taxable income against which to tax the deductions.

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