PRESIDENT RELEASES BUSINESS TAX REFORM FRAMEWORK

Sunday, February 12, 2012 - 8:00am

The White House and the U.S. Department of the Treasury today released “The President’s Framework for Business Tax Reform.” The document outlines President Obama’s five recommendations for business tax reform. The five elements include eliminating certain tax expenditures and reforming the business tax base; refocusing the manufacturing deduction and reducing the effective rate on manufacturing, while encouraging research and development and clean energy production; introducing a minimum tax on foreign earnings; making tax filing simpler for small businesses and entrepreneurs; and either eliminating or making permanent and fully paying for temporary tax provisions now in the tax code. Renewable energy tax credits are discussed addressed in the section on extending, consolidating and enhancing clean energy incentives, but the framework does not specifically mention low-income housing tax credits, new markets tax credit or historic tax credits. 

Highlights of the plan can be found in today’s Notes from Novogradac blog post. Tune into the February 28 Tax Credit Tuesday podcast to hear more about the president’s tax reform plan.