California ~ Corporate, Personal Income Taxes: City Business Tax Data Exchange Program Outlined

The California Franchise Tax Board has unveiled a new page on its Web site that outlines the city business tax data exchange program, under which…

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Tax & Accounting Blog

President Signs Foreign Tax Reforms to Fund Education / Medicaid

Returning briefly from its summer recess, the House on August 10 approved, by a 247 to 161 vote, a critical education and Medicaid funding bill, H.R. 1586, which includes a $9 billion package of international tax reforms. Wasting no time, President Obama signed the bill into law that same afternoon, on August 10, 2010, as Pub. Law 111-226. The Senate had approved the legislation earlier on August 5 by a 61 to 39 margin.
Riding the coattails of a popular measure to fund the jobs of well over 100,000 teachers and first responders, as well as help states fund Medicaid shortfalls, the international tax provisions provide the bulk of the bill’s revenue off sets needed under Congressional “pay-go” rules. The bill also adds another $1.1 billion in revenue by eliminating the advance payment option for the earned income credit (EIC).

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