BREAKING NEWS ~ Senate passes major corporate tax reform Matt Lubniewski at 1:52 PM ET
The US Senate has passed a $136 billion corporate tax reform bill which cuts taxes for certain businesses while also closing tax loopholes. HR 4520, the American Jobs Creation Act of 2004 [text], was two years in the making, and after passage in the House last week required a last-minute weekend session in the Senate to complete. Senators passed the bill today by a 69-17 vote.
The bill, which now goes to the President, also addresses a WTO ruling that subsidies for US exporters were illegal. Reuters has more.
Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.