PBS Alleged Tax Abuse Influences Felt in D.C.

As promised in both the congressional house and US Senate tax committees, 
the aim to halt American companies that leased foreign dams, bridges and 
subways is going to end, halting what they claim are billions of dollars in 
tax deductions.

Senator Chuck Grassley (R-Iowa) led the charge which has introduced a 
major change which will limit the tax deductions companies can immediately 
claim when they lease foreign public works and claim a tax deduction for
 the infrastructure's depreciated value.

The exact impact on corporate taxes is not known, but the restrictions are 
expected to raise enough money to cover the cost from $14 to $20 billion 
in new tax breaks for energy production and conservation.

The House and Senate both advanced bills effectively blocking future leases,
 but critics said Senator Grassley's Finance Committee new proposal goes 
further by penalizing companies that entered legal leases years ago, long
 before debate erupted on Capitol Hill.

``That on its face is an extreme, extreme tax policy statement,'' said 
Michael Fleming, president of the Equipment Leasing Association. 
``Where does it end?''

Fleming has been visiting congress, the senate, touring the East

Coast talking with investment firms, newspapers, and other media

getting out the word what this will mean to the leasing industry

in the loss of jobs and revenue.

For more information, please go to:

  http://www.leasingnews.org/Conscious-Top%20Stories/ELA_Tax_loop_hole.htm