Texas Business Lawyer

By an overwhelming, bipartisan 385-35 vote, the U.S. House of Representatives approved a $146 billion income tax rebate and business tax break bill in an attempt to stave off a possible economic depression. Coupled with the Federal Reserve’s recent cuts in interest rate, lawmakers hope that the bill will  help jump-start a faltering US economy.

Some highlights of the House bill:

- Tax rebates for about 111 million households, consisting of up to $600 for individuals and $1,200 for married couples, plus $300 per child.

- Up to $300 to those who earned too little last year to pay income taxes.

- Rebates would be available those who made up to $75,000 adjusted gross income last year individually, or $150,000 as a couple.

The US Senate is currently working on a different stimulus package, that, if passed, will need to be reconciled with the House package before anything can be sent to the president to be signed. Lawmakers in the House warn that taking too long could have severe consequences for the US economy which could affect businesses as well as households.

If your business needs legal advice or legal representation, call an Austin business lawyer from Slater & Kennon at 512-472-2431 today.