The ink was barely dry on President George W. Bush's signature before critics and proponents of provisions in the new tax reconciliation legislation voiced their reactions, and practitioners began studying planning opportunities for their clients.What began life as bipartisan 2005 reconciliation legislation became a political football involving months of negotiations, infighting and eventual compromise before a bill was passed that includes a number of extenders, tax breaks and revenue raisers.
The extenders that didn't make it into the reconciliation bill will presumably be included in a "trailer" bill to follow. Senate leadership intends the trailer to include the college tuition tax deduction and the state and local sales tax deduction.
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