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Sec. 936 credit elimination in six years passes Senate panel; Oct. 24 floor vote planned.

This article was originally published in The Gray Sheet

Executive Summary

SEC. 936 TAX CREDIT SIX-YEAR PHASE-OUT PROPOSED IN SENATE FINANCE Committee budget reconciliation package reported out of committee Oct. 19 after a one-day mark-up. No amendments were introduced affecting the Puerto Rico possessions credit. The full Senate is expected to consider the package Oct. 24. Finance Committee Chairman William Roth's (R-Del.) budget reconciliation tax proposal would eliminate both the economic activity limit and the income limit possession tax credits four years sooner than the proposal adopted by the House Ways and Means Committee Sept. 19.
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