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Dutchess OfficeTax and Estate Planning for 2010, Tax Credit Extension Lingers in Senate
In early December, the House voted to extend $31 billion in tax breaks that are due to expire at the end of 2009. The package of 45 deductions includes measures such as an income tax deduction for sales and property taxes, and credits for business to fund research and development.
The tax breaks are generally popular among both Democrats and Republicans and are routinely extended at the end of each year. However, this year legislators have reached an impasse over the proposed method for paying for the cuts. According to the House bill, the tax breaks would be funded with a tax increase on investment fund managers and a crackdown on the use of overseas tax havens.
The measure passed the house with a vote of 241-181, but it has not yet made it out of committee in the Senate. The package could be passed and applied retroactively, making tax planning and estate planning somewhat trickier in the following months. An estate planning or tax planning attorney can advise on the best financial strategies whatever measures may ultimately pass.
Bernard Krooks is a New York Elder Law and New York Estate Planning lawyer with offices in White Plains, Fishkill, and New York, New York. To learn more, visit http://www.littmankrooks.com.
Tags: new york elder law, new york estate planning, ny elder law
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