There are currently two tax bills pending in Congress which are important to the ACTION campaign.

The first is the American Jobs and Closing Tax Loopholes Act (H.R. 4213). You likely received an alert regarding this bill last week. This is the final version of the “tax extenders” bill. House Ways and Means Committee Chairman Levin and Senate Finance Committee Chairman Baucus worked together to reconcile House and Senate versions of the bill. The ACTION proposal to extend the 9% credit exchange program for one year is included in this bill.

H.R. 4213 is scheduled for final passage by both the House and the Senate this week A vote will first occur in the House. If it passes, it will be followed shortly thereafter by a vote in the Senate.

The second important legislative vehicle is the Senate version of small business jobs bill (H.R. 4849) for which we have an action alert here. We need to attach the Bingaman (S.3141) and Cantwell (S.3326) bills as amendments to the small business jobs bill in order to pass the carryback and 4% credit proposal as we originally proposed it.

The 4% rebate as passed in the House small business jobs bill is very limited and difficult to use. Campaign members are working hard to correct this.

In the current draft of the Senate small business jobs bill, there is a general 5-year carryback, but it only applies to businesses with less than $50 million in receipts. Campaign members are working to modify this measure to apply to the entity receiving the funds.

What you can do

Your continued support is invaluable as we urge Congress to pass these measures. Please continue to follow-up with your Senators and Representatives on these issues. Tell your Senators to co-sponsor the Bingaman and Cantwell bills. Urge your Representatives to support the “extenders” bill.

Supporting materials are available in the Advocacy Toolkit.

Legislative updates are posted on our Twitter and Facebook accounts.

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