I had read earlier that one part of the current tax bill was a lowering of the corporate tax rate. I see nothing mentioned about it now, although you can't trust the media to report on every detail. Is a corporate tax rate cut part of the bill to be signed?
Corporate tax rate gonig down?
Dec 17, 2010
1 Replies
There are no changes to corporate tax rate schedules. There are tax benefits that get extended that have the effect of keeping the amount of tax a corporation pays from not going up. E.g., a C corporation may continue to claim an enhanced deduction for contributions of book inventory to public schools (kindergarten through grade 12) and contributions of food inventory. This had expired on 12/31/09. There might be some miscellaneous items in the bill that included some enhancements over and above an extension.
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