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Tax extensions are still in the works

by on
in Hiring,Human Resources

Q. According to your write-up on the new pension law, (RR, 9/4/06) the law didn’t extend other tax breaks such as R&D costs. Does that mean those breaks are eliminated for 2006? M.C., Edison, N.J.

A. On the contrary. Although Congress didn’t extend several popular tax benefits—such as the tax credit for research and development (R&D) expenses, the jobs credit for hiring certain disadvantaged workers and the college tuition deduction—it will be tackling those issues again before the end of the year. It’s likely that Congress will reinstate those expired tax breaks retroactive to the beginning of 2006. Tip: At this writing, the chances appear slim that any significant estate reform will be enacted this year.

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