LexisNexis® Legal Newsroom
American Opportunity Tax Credit’s Year-End Expiration: Is An Extension Possible?

As originally enacted in 1997, the Hope Credit and the Lifetime Learning Credit (HOPE), contained in IRC § 25A , set forth criteria for earning tax incentives to encourage the pursuit of educational opportunities. In 2009, for taxable years 2009 and 2010, the Hope Credit was renamed the American...

The American Recovery and Reinvestment Act of 2009 and The Small Business Jobs Act of 2010 Reduce Tax Imposed on Certain Asset Sales by S Corporations in 2010 and 2011

By Lisa Petkun and Timothy Leska The American Recovery and Reinvestment Act of 2009 (the Stimulus Bill) eliminates the imposition of tax upon certain S corporations (but not their shareholders) in taxable years beginning in 2009 and 2010. Recently, President Obama signed into law the Small Business...

Congress Passes Bill Extending Section 1603 Grant and Other Energy-Related Incentives

By Madeline M. Chiampou , Justin Jesse , Caroline Hong Ngo , Martha Groves Pugh , and Philip Tingle The U.S. Congress recently passed a bill extending the Section 1603 grant program for one year, prolonging certain credits for biodiesel producers and both continuing and expanding first-year bonus...

Extension of Renewable Energy Tax Grants Comes Not a Moment Too Soon

By Jane C. Luxton and Todd B. Reinstein The renewable energy industry received a hoped-for holiday gift when President Obama signed the bipartisan tax bill, H.R. 4853, on December 17, 2010. One of the bill's key provisions extends an important tax grant program that has proven to be the magic...

Thorns in Making Work Pay Credit for Some Taxpayers, Says TIGTA

The Making Work Pay Credit, an economic stimulus provision included in the American Recovery and Reinvestment Act of 2009, was intended to provide an increase to employees' take home pay by reducing the amounts withheld from employees' paychecks throughout the year. The credit, which was designed...

Life Without Stimulus

Republicans constantly remind us that the Obama stimulus--the American Recovery and Reinvestment Act of 2009--did not work. They voted against it. In the United Kingdom the government is led by Conservative Prime Minister David Cameron. His government did not adopt stimulus. Instead it boldly enacted...

AMT "Ifs and Buts": Considering Prospects for 2012 and Beyond

By Suellen Wolfe, J.D., LL.M. * In 1986, Congress concluded that "that no taxpayer with substantial economic income [should be able to] avoid significant tax liability by using exclusions, deductions, and credits. Although these provisions may provide incentives for worthy goals, they become counterproductive...