Author
Tax Policy Group, Deloitte Tax LLP

• Senate Mulls Revamped Housing Stimulus Tax Package: Extended NOL Carryback Out, Revenue Offsets In – The Senate began debate on comprehensive housing stimulus legislation with a revised tax title that drops an extended NOL carryback provision that had been the centerpiece of an earlier housing tax package and adds revenue raisers, including a proposal to require information reporting on credit card transactions.
• IRS Provides Guidance on the Alternative Simplified Credit for Research Activities – The IRS issued temporary, final, and proposed regulations on the alternative simplified credit under section 41(c)(5), implementing statutory changes that were made to the credit for increasing research activities.

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