The House of Representatives approved the extension of 45 "expiring" provisions for 2010. These provisions include tax breaks ranging from the Research Credit to seven-year depreciation for "qualified motor sports facilities."
One tax scholar says temporary provisions like this are a good idea because they allegedly make Congress reconsider them every year. Unfortunately for that theory, Charlie Rangel was just too darned busy this year to take a hard look at any of them, so they all just passed them all for another year. Worse, the House bill has a permanent tax increase on hedge funds and private equity funds to "pay for" a temporary extension of tax goodies. Because Nascar is more important for economic recovery than private equity.
The bill still has to clear the Senate; while it will take awhile, it's likely to happen.
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