Dec 9, 2009 4:09 PM by Associated Press

House votes to extend $31B in expiring tax breaks

The House has passed a bill extending $31 billion in popular tax breaks, including an income tax deduction for sales and property taxes.

The 45 tax breaks would be financed from a tax increase on investment fund managers and a crackdown on international tax cheats. The tax breaks are scheduled to expire at year's end. The House voted 241-181 Wednesday to extend them for a year. The bill now goes to the Senate, which has rejected the tax increase on investment managers in the past.

Tax breaks that would be extended include a sales tax deduction for people in states without income taxes, a property tax deduction for people who do not itemize and lucrative credits that help businesses finance research and development.


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