Compromise Tax Bill ‘Framework’ Announced

December 14, 2010Articles The Legal Intelligencer

Mark Silow summarizes the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that was introduced by Senate Majority Leader Harry Reid on Dec. 9, 2010. The act largely reflects what President Obama announced on Dec. 6 as the “framework” for a compromise tax bill that his administration negotiated with the Republican leadership in Congress. The act is subject to ongoing negotiations between members of Congress and the White House, but is expected to pass and become law.

“Although it is not certain what the final legislation will contain,” said Silow, “it appears certain that most of the expiring income and estate tax provisions will be extended through 2012.”