A look at the provisions in the tax relief measure that
failed to pass will give you an idea of changes that are
very likely to occur, if not in a second lame-duck
session on December 8, then in 2009 when President-elect
Obama takes office. Here are the major provisions in the
proposed bill -
* Extension through 2009 of 50% bonus depreciation for
the purchase of business equipment.
* Extension through 2009 of up to $250,000 first-year
expensing for the purchase of business equipment.
* Easing funding requirements for pension plans to help
cash-strapped businesses.
* Temporary suspension of required minimum distributions
from retirement plans for those 70½ and older.
Congress is also set to create a stimulus package in
January comprised of tax cuts and some $500 billion in
federal spending on infrastructure over the next two
years.
