Houses Passes Extenders/Pension Legislation

The House on November 20, 2003 passed by voice vote the Tax Relief Extension Bill of 2003 (H.R. 3521). The bill includes one year extensions of 16 tax provisions that otherwise would have expired at the end of 2003. The bill also includes a replacement of the pension contribution formula that is currently based on 30-year Treasury rates as well as some pension contribution relief for the airline industry. Also included are a variety of tariff and trade provisions. The Senate Finance Committee is working on a similar piece of legislation, except that it is trying to include revenue to pay for the tax cuts. and therefore may shorten a number of the extensions to only a six month period in order to lower the projected cost. As Congress continues to try to clear its calendar so that it can adjourn for the year well prior to Thanksgiving on November 27, time is running out to resolve even such minor differences.


AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting