Congress Passes Tax Extension

Late last night, the House followed in the Senate’s footsteps and approved the $858B tax package that had been agreed to by President Obama and high-ranking Republicans. The main objective of the tax package is extending income tax cuts, as well as an extension of unemployment insurance. Also included in the bill are tax credit extensions for the energy sector. The legislation extends for one year a renewable energy grant program, and tax credits for energy efficiency and alternative vehicle fuels, as well as ethanol. The bill now moves to the President for his signature.