WASHINGTON--The House gave its approval to legislation late last week that could hold off efforts in the Senate to eliminate a tax deduction for insurers paying off punitive damage awards.
The legislation, known as the Small Business Tax Relief Act, HR 976, was designed to extend key tax provisions for small businesses and to allow Congress to approve an increase in the federal minimum wage. The bill was approved by a vote of 360-45.
The Senate version of the legislation does not include that provision for insurers, meaning it will have to be worked out in a conference committee likely to take place as early as the week of Feb. 26, once lawmakers return from their President's Day recess.
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