Key business and individual tax issues remain uncertain in advance of November elections

Washington National Tax Services

Congress returns this week after its August recess and is expected to resume debate over expired and expiring business and individual tax provisions, as well as scheduled cuts in U.S. defense spending and other federal programs.

The House and Senate before the recess approved differing bills to extend 2001 and 2003 individual tax provisions that are scheduled to expire at the end of the year, but further action to extend current tax rates through 2013 for some or all individual taxpayers likely will be delayed until after the November 6 elections.

Final action on separate legislation to extend the research credit and other expired or expiring business and individual tax provisions also likely will be postponed until a "lame-duck" session of Congress after the elections. The Senate may vote this month on a "tax extenders" package approved by the Senate Finance Committee that would extend through 2013 various expired or expiring business and individual tax provisions, but the House currently is not expected to act on tax extenders legislation before the elections.

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