Tax Legislation

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Congress Approves Debt Ceiling Bill; New Joint Committee To Weigh Year-End Tax Legislation

On August 2, President Obama quickly signed the Budget Control Act (Sen. 365 as amended) after passage by the Senate 74 to 26. The House had passed the Budget Control Act on August 1 by a vote of 269 to 161. The new law raises the debt limit to avoid a projected August 2 default and creates a bipartisan joint select committee on deficit reduction.

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Obama Signs 1099 Repeal Bill

President Obama signed on April 14 a bill (H.R. 4) to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments. The Senate passed H.R. 4 on April 5, the House had approved the bill on March 3, 2011. To offset cost of repeal, H.R. 4 increases the amount of the overpayment of the health insurance premium assistance credit that is subject to recapture.

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