Senate Sets Second Vote on Tax Extenders Bill

After two weeks of debate, the Senate plans to vote on the tax extenders/unemployment insurance legislation on Friday night, June 18. Senate Majority Leader Harry Reid said a vote was supposed to take place at 7:30 p.m. The Senate failed in its first bid to pass the bill on June 16, with the final count at 45-52; sixty votes were needed to pass the bill.

The House passed Friday, May 28, its version of the tax extenders bill, the American Jobs and Closing Tax Loopholes Act (H.R. 4213), which not only provides various tax cuts, but provides relief for pension plan sponsors and imposes new disclosure requirements on 401(k) plans. The bill would also extend small business loan programs and unemployment insurance, and closes the carried interest tax loopholes for investment fund managers.