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Provisions of the New Tax Law

The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations. It contains $90 billion in tax benefits that retroactively extend a number of existing tax credits and provide several new tax breaks. It also contains $20 billion in new revenue-raising legislation, thereby resulting in $70 billion in net tax cuts. This article discusses some key provisions contained in the Act that will affect attorneys, their firms and their employees.

22 minute read June 29, 2006 at 10:20 AM
By
Richard H. Stieglitz and Barry Lieberman
Provisions of the New Tax Law

Introduction

The Tax Increase Prevention and Reconciliation Act of 2005 (the Act) was signed into law on May 17, 2006 by President Bush. The new law affects a wide variety of taxpayers, including individuals and corporations.

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