Business Services Industry
Congress will retroactively revive tax breaks.
Kiplinger Tax Letter, The, May, 1999
Congress will retroactively revive tax breaks that end June 30... the R&D tax credit plus the welfare-to-work and work-opportunity credits. Because taxwriters will not start working on the tax bill until mid-July, after these provisions have lapsed, the leaders of the two tax committees have stated that these credits will be continued without interruption.
But Congress will have to dig deeper to pay for these provisions. Congressional budgeters don't expect the surplus to rise more this year. Taxwriters were counting on that money to pay for these breaks...and more.
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