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January 4, 2013

New tax law packed with business breaks

  • More than 50 temporary tax breaks were renewed through 2013, saving businesses and individuals about $76 billion.
    • By STEPHEN OHLEMACHER
    Associated Press

    WASHINGTON — Tucked into the “fiscal cliff” tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles.

    In all, more than 50 temporary tax breaks were renewed through 2013, saving businesses and individuals about $76 billion. Congress routinely renews the tax package, attracting intense lobbying — and campaign donations — from businesses and trade groups that say the tax breaks help them prosper and create jobs.


     
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