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House Passes Economic Stimulus Bill
1/29/2009

House of Representatives passes economic stimulus bill — Senate to vote on its version next week

On January 28, the House of Representatives by a vote of 244-188 approved H.R. 1, the American Recovery and Reinvestment Act. The Senate is slated to consider its version of the economic stimulus bill next week (although there's an outside possibility that it may deliberate the measure this weekend). The tax portion of the Senate's economic stimulus bill cleared the Senate Finance Committee on January 27.

Both versions of the stimulus bill would provide substantial tax relief to businesses and individuals and carry many parallel tax changes. However, revenue estimates for the tax portions of the bills—$304 billion for the House Ways & Means version versus $522 billion for the Senate Finance version—demonstrate that there are major differences that will have to be resolved before Congress sends a final bill to President Obama. Probably the biggest difference between the bills is the one-year AMT patch (estimated to cost $69.8 billion) that's in the Senate bill but not the House bill

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CIRCULAR 230 NOTICE: IRS regulations require us to advise you that, unless otherwise specifically noted, any federal tax advice in this communication (including any attachments, enclosures, or other accompanying materials) was not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of avoiding penalties; furthermore, this communication was not intended or written to support the promotion or marketing of any of the transactions or matters it addresses.
 

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