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.