In December 2010, President Obama and Congress negotiated an
$858 billion compromise tax bill that temporarily extended lower
tax rates and numerous expiring tax credits of importance to
businesses. Although the tax bill's enactment is highly
significant, because of its limited duration, it is only a stop-gap
measure. In fact, the battle over taxes will continue this year and
in the future with significant implications for roofing contractors
and other employers.
Although the bipartisan tax bill fell short of permanently
extending low tax rates, NRCA
supported it as a short-term compromise necessary to provide
stability and certainty for businesses during the next two years.
With Congress failing to take action until only days before the
looming expiration of the tax rates, a temporary extension was the
only feasible political solution to avert massive tax increases
scheduled to take effect Jan. 1, 2011,...
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