Daily Tax Update - April 24, 2008

CONGRESS PASSES ANOTHER ONE-WEEK EXTENSION OF FARM BILL:  Today, the House and Senate approved another one-week extension of the farm bill (H.R. 2419). The President is expected to sign the extension. Sen. Larry Craig (R-ID) blocked an attempt to pass a two-week extension. The conferees are said to be near an agreement on the tax incentives and offsets. Senate Finance Committee Chair Max Baucus confirmed that the farm conferees were working on a tax incentive package of approximately $1.4 billion over 10 years, down from previous estimates of $2.4 billion. Senate Finance ranking member Charles Grassley said of the size of the tax package: “If we get the policy we want we are not going to argue about the numbers.”

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