Accounting
Schumer plans vote on stalled tax extender bill in Senate
Senate Majority Leader Chuck Schumer, D-New York, announced plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week.
The $78 billion bill has been
The bill would revive a number of tax breaks, including a scaled back version of the enhanced Child Tax Credit, the ability to fully deduct research and development expenses in the first year, 100% bonus depreciation, disaster tax relief, improvements in the Low Income Housing Tax Credit, interest expensing and a tax agreement with Taiwan. It would increase the threshold for reporting income earned by an independent contractor from $600 to $1,000, with an adjustment to the increased amount for inflation. It would also increase penalties for aiding and abetting the understatement of tax liability with respect to the Employee Retention Tax Credit.
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“Tonight, I am very happy to announce that I have just filed cloture on the Tax Relief for American Families and Workers Act, a bill to expand the Child Tax Credit, expand the Affordable Housing Tax Credit, help small businesses with the R&D credit, and lift half a million kids out of poverty,” Schumer said in a floor statement Monday night. “For the information of senators, the step I take tonight sets up a cloture vote on Thursday. It’s time to get this bill done right away. This bipartisan bill passed the House overwhelmingly, 357-70, and we hope this week, Senate Republicans will join us.”
However, Schumer made it clear that Democrats plan to capitalize on Republicans’ expected votes against the bill. “When we vote, the American people will see for themselves who in fact favors expanding the Child Tax Credit and taking so many kids out of poverty, and who opposes it,” he said. “The American people will see who supports expanding affordable housing and who doesn’t. And the American people will see who stands up for small business, and who stands against them, as they have so requested this important R&D credit. I urge my Republican colleagues not to stand in the way of helping parents and small businesses and families keep a roof over their heads when it’s time to vote on Thursday.”
Total postsecondary spring enrollment grew 3.2% year-over-year, according to a report.
The National Student Clearinghouse Research Center published the latest edition of its
The report found that undergraduate enrollment grew 3.5% and reached 15.3 million students, but remains below pre-pandemic levels (378,000 less students). Graduate enrollment also increased to 7.2%, higher than in 2020 (209,000 more students).
(Read more:
Community colleges saw the largest growth in enrollment (5.4%), and enrollment increased for all undergraduate credential types. Bachelor’s and associate programs grew 2.1% and 6.3%, respectively, but remain below pre-pandemic levels.
Most ethnoracial groups saw increases in enrollment this spring, with Black and multiracial undergraduate students seeing the largest growth (10.3% and 8.5%, respectively). The number of undergraduate students in their twenties also increased. Enrollment of students between the ages of 21 and 24 grew 3.2%, and enrollment for students between 25 and 29 grew 5.9%.
For the third consecutive year, high vocational public two-years had substantial growth in enrollment, increasing 11.7% from 2023 to 2024. Enrollment at these trade-focused institutions have increased nearly 20% since pre-pandemic levels.
Jordan Vonderhaar/Photographer: Jordan Vonderhaar/
The Internal Revenue Service has released
The Inflation Reduction Act of 2022 amended Sec. 55 to impose the CAMT based on the “adjusted financial statement income” of an “applicable corporation” for taxable years beginning in 2023.
Among other details, proposed regs provide that “applicable corporation” means any corporation (other than an S corp, a regulated investment company or a REIT) that meets either of two average annual AFSI tests depending on financial statement net operating losses for three taxable years and whether the corporation is a member of a foreign-parented multinational group.
Prior to the publication of any final regulations relating to the CAMT, the Treasury and the IRS will issue a notice of proposed rulemaking. Notice 2025-27 will be in IRB: 2025-26, dated June 23.
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Total college enrollment rose 3.2%
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New 2023 K-1 instructions stir the CAMT pot for partnerships and corporations
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