Senate Slated to Vote on Taxes Saturday

Senate Slated to Vote on Taxes Saturday

Baucus bill will set permanent estate tax rate and extend biofuels tax credits.

The U.S. Senate will be in session Saturday, to vote on a measure submitted by Senator Max Baucus, D-Mont. Baucus introduced legislation to permanently cut taxes for middle class families making up to $250,000 and individuals making up to $200,000 per year. The legislation would also extend critical tax cuts for individuals, families and employers and provide families with greater tax certainty by instituting a permanent estate tax policy and extends tax credits for ethanol and biodiesel for one year.

The bill would make permanent the 2009 estate tax rate of 45%, with an exemption for estates under $3.5 million, indexed for inflation. The bill also would extend through 2011 the per-gallon tax credits and outlay payments for ethanol.  The blender’s credit would be extended at a rate of 36 cents per gallon, while the small producer’s credit would be extended at a rate of 8 cents per gallon.  The bill also extends through 2011 the existing tariff on imported ethanol and the related tariff on ethyl tertiary-butyl ether.

For biodiesel, the bill extends through 2011 the $1 per gallon production tax credit for biodiesel, and the small agric-biodiesel producer credit of 10 cents per gallon. The bill also extends through 2011 the $1 per gallon production tax credit for diesel fuel created from biomass.

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