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Joint Bicameral Hearing Provides Forum to Consider Capital Gains Positions

Senate Finance advanced a tax extender package on a 21-5 vote shortly before the August recess. The $205 billion measure, which included AMT relief, has “a pretty good” chance of seeing floor action before the Senate begins its pre-election recess, Majority Leader Harry Reid, D-Nev., said Wednesday. However, a Republican aide said the Senate has run out of time to consider the legislation.

House Republicans have never seriously considered introducing a tax extenders package before the election. Their preference has been to consider extenders including the research and development tax credit along with the many other expiring tax provisions. It appears they will get their wish.

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