Let's Hear it for the House

While Congress remains polarized regarding health care, last week the House managed to pass HR 4213, the Tax Extenders Act of 2009. This will extend the life of certain expiring tax provisions that were set to sunset on 12/31/09. Included in this bill are the EZ/RC credits that are our life’s blood. This bill now passes from the House Ways and Means Committee, to the Senate Finance Committee for further disposition. In plain English, that means “business as usual” for RetroTax. The Senate Finance Committee will now have until 12/31/10 take this up and get it to the full Senate for a vote, keeping the credits and incentives that we administer alive, until the Way and Means Committee gets around to the business of HR 1677 and the Senate to S1222. When passed, these bills will expand the value proposition of the services that we provide for our clients and extend the legislation to the end of 2016.