The Senate Finance Committee released text in S. 3521, the Family and Business Tax Cut Certainty Act of 2012 that passed by a bipartisan committee vote last month. The bill currently extends some of the expiring provisions like the alternative minimum tax patch, state and local sales tax deduction, teacher expense deductions, work opportunity tax credit, home mortgage insurance premiums deduction, deduction for certain higher education, the research and development tax break, and renews the wind credit.
The bill has been placed on the Senate calendar. If passed by both chambers, these provisions would pare down the number of must-pass issues Congress has to tackle during the lame duck session.
Learn More
http://www.accountingtoday.com/news/senate-releases-details-tax-extenders-legislation-63812-1.html
Legislative Text
http://www.finance.senate.gov/imo/media/doc/FINAL%20SFC%20Extenders%20Markup.pdf
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