CCH Weekly Report from Washington, D.C.
Despite a veto threat from President Obama, the House on April 19 passed a measure that would provide a 20-percent tax cut to small businesses. A day earlier, lawmakers passed another extension of highway funding and fuel taxes. The Senate, meanwhile, rejected a bill that would have levied a minimum 30-percent tax rate on the adjusted gross incomes of households earning more than $1 million annually. The IRS issued proposed regulations that would provide additional examples of program-related investments (PRIs) that a tax-exempt private foundation may make.read more