My Profile   |   Contact Us   |   Sign In   |   Register
News & Press: Policy News

FY 2010 Budget Summary and Statement

Monday, May 4, 2009  
Share |
On Wednesday, April 29, the House, with 233 yeas to 193 nays and the Senate, with 53 yeas to 43 nays, passed the FY 2010 Budget with no Republican support.  This $3.4 billion federal blueprint budget sets spending levels for FY 2010, which begins October 1, 2009. Budgets are set by Congress and do not need Presidential signatures.

Many of the budget provisions echo WIPP’s principles, including healthcare reform, reducing the tax burden, and green energy.  Specifically, the budget cuts taxes by $764 billion over the next five years and includes: a three-year fix of the AMT tax, estate tax reform that will permit couples to avoid any estate tax if they have estates of $7 million or less, and the permanent extension of the section 179 expensing provision for small businesses. In addition, it includes the elimination of capital gains taxes for small businesses, going beyond the current 75 percent exclusion and also expands the net operating loss carryback rules
.

Additionally, the budget maps out a plan for healthcare reform, green energy, and education initiatives and includes instructions to Congressional Committees responsible for healthcare reform and education reform to come up with comprehensive plans by October 15, 2009.  The budget requires that the deficit be cut in half by 2012 and by two-thirds by 2014.  WIPP will continue to work with Congress to ensure that small businesses are represented in these comprehensive reforms.


Health Provisions
●$634 million Deficit Neutral Reserve Fund to accommodate President’s initiative to reform health care system – including making health coverage affordable for small businesses
●A 2 year Reserve Fund to further address Medicare physician payments
●Continues investment in key health programs, such as NIH and FDA


Tax Provisions:
In total, the conference agreement cuts taxes by $764 billion over the next five years.  This tax relief includes:
• $512 billion to extend middle-class tax cuts, such as the 10 percent bracket, the child tax credit, marriage penalty relief, and education incentives, as well as the other 2001 and
2003 tax cuts extended in the President’s budget for taxpayers making under $250,000;
• $214 billion for three years of AMT reform;  
• $72 billion to match the President’s estate tax reform proposal – which permanently extends the 2009 level of a $7 million exemption for couples and $3.5 million for individuals;
• $69 billion for two years of extending current tax cuts;
    
The conference agreement includes $97 billion in revenues to close tax loopholes and revenue raisers.  The specifics of
these proposals will be developed by the Senate Finance Committee and House Ways and Means Committee.
The conference agreement allows for the extension of the President’s Making Work Pay tax credit
beyond 2010 through its deficit-neutral reserve funds.  

Energy Provisions
● Reflects the energy investments in the Stimulus that total $39 billion in funding and $20 billion in tax incentives to spur the development and production of new energy and jobs.  These investments include:
  • modernizing the electricity grid to make it more efficient, secure, and reliable;   
  • making loans for renewable energy power generation;   
  • increasing the energy efficiency of federal buildings; and   
  • helping make state and local governments more energy efficient.
● Increases appropriations for energy programs by $540 million (nearly 10 percent) above the 2009 level of regular appropriations.  These funds for renewable energy, energy efficiency, research, and technological development are in addition to the funding and tax incentives for energy investment provided in the Stimulus
Includes a reserve fund that accommodates legislation to promote energy independence – including to reduce greenhouse gas emissions and help businesses, industries, states, communities, and households adjust to an economy with reduced emissions levels

Click here to view the Senate Conference Report.

more Calendar

12/6/2016
WIPP Procurement Committee Meeting

12/6/2016
2016 PG&E Boots to Business Workshop

12/8/2016
ChallengeHER Dallas/Ft.Worth Metro

12/14/2016
ChallengeHER Washington D.C.

12/14/2016
Give Me 5: GSA Special Unit - Demystifying the Price Reduction Clause

Featured Members
Janice HamiltonNational Partner of the Month: December 2016. Read about Janice's business bit.ly/2fTPwBF

Privacy Policy / Disclaimer    |    © WIPP  |    888-488-WIPP

Association Management Software Powered by YourMembership  ::  Legal