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Senate panel revives dozens of tax breaks

The Senate's tax-writing panel voted to renew dozens of tax breaks for businesses like biodiesel and wind energy producers, even as the GOP-controlled House passed symbolic legislation to erase them and create a new tax code with lower rates and fewer special interest tax breaks.

By Andrew Taylor | Updated on August 02, 2012

WASHINGTON (AP) — The Senate’s tax-writing panel voted to renew dozens of tax breaks for businesses like biodiesel and wind energy producers, even as the GOP-controlled House passed symbolic legislation to erase them and create a new tax code with lower rates and fewer special interest tax breaks.

The $200 billion-plus package was approved by the Senate Finance Committee Thursday on a bipartisan 19-5 vote. It was anchored by a two-year provision to protect middle- and upper-income taxpayers from being hit by the alternative minimum tax, shielding them from higher levies originally meant to prevent the rich from escaping taxes altogether.

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