Fiscal Cliff Deal Sidesteps Corporate Tax Reform

Law360, New York (January 9, 2013, 11:30 AM EST) -- In short, the New Year’s Day fiscal cliff deal lacked any significant tax reform. The American Taxpayer Relief Act of 2012 (H.R.8) focused on personal income tax rates and permanently extending the AMT patch. The deal left the corporate income tax rate at 35 percent and did not include any meaningful tax reform or simplification.

For most corporate taxpayers, the legislation was a typical year-end extension of existing tax incentives, which included the R&D tax credit, credits for renewable energy, the active financing exception to Subpart...
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