News & Tax Alerts: Tax Alerts – Federal

Budget Sequestration Reduces Some Credits and Awards (3/7/2013)

Thursday, March 7, 2013   (0 Comments)
Posted by: Fred Carter
Federal budget sequestration has resulted in required cuts to certain credits and awards, effective March 1, 2013, pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended. These required cuts include a reduction in the refundable portion of the Small Business Health Care Tax Credit for certain small tax-exempt employers, a reduction in award payments to whistleblowers, and a reduction to refundable credits applicable to certain qualified bonds. The sequestration reduction rate will be applied until the end of the fiscal year (September 30, 2013) or intervening Congressional action, at which time the sequestration rate is subject to change.