Taxes (TAX)

[ypsiCPA]

Tax Provisions in the Senate Bailout Bill

It would extend a number of renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels.

The Senate bill would also continue a host of other expiring tax breaks. Among them: the research and development credit for businesses and the option that allows individuals to deduct state and local sales taxes on their federal returns.

In addition, the bill includes relief for another year from the Alternative Minimum Tax, without which millions of Americans would have to pay the so-called "income tax for the wealthy."

http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm