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FINANCE COMMITTEE PASSES STIMULUS PACKAGE
November 09, 2001
The Senate Finance committee passed a Democratic version of the economic stimulus package on a party-line 11-10 vote November 8. The principal business-related provisions of the bill are
-an additional 10 percent expense allowance on new property placed in service from 9/11/2001 to 9/11/2001
-increase of Sec. 179 expense allowance for depreciable assets to $35,000 for one year, and
-extension of the NOL carryback period from two years to five years
House and Senate Republicans have their own proposals, which provide for 30 percent first year expensing of fixed asset purchases for a three-year period, repeal of the corporate alternative minimum tax, and individual rate cuts. As 60 votes will be necessary to get the bill out of the Senate, the final version may include more of the Republican provisions.
The Finance Committee stimulus bill also has a crucial provision addressing Citrus Canker Disaster Payments. No word yet on the Republican stance on this issue.
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