House passes payroll tax cut extension bill that also would extend bonus depreciation

Washington National Tax Services
The House today voted 234 to 193 to pass a bill (H.R. 3630) extending employee payroll tax relief, unemployment benefits, Medicare physician reimbursement rates, and the Temporary Assistance for Needy Families (TANF) program. The Middle Class Tax Relief and Job Creation Act of 2011 also would provide a one-year extension of 100-percent "bonus" depreciation. Senate Majority Leader Harry Reid (D-NV) has said the House bill "has no chance of passing the Senate." In addition, President Barack Obama has indicated he would veto the measure because it includes a provision to accelerate the approval process for the Keystone XL oil pipeline. Congress is seeking to finish work on payroll tax extension legislation and other "must-pass" bills so it can adjourn later this month. Majority Leader Reid told reporters today that other tax extender provisions might be added to the tax measure during the Senate consideration.

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