House approves extending certain tax breaks for 1 year

Temporary tax breaks for businesses and individuals would be extended under a bill the House passed by a vote of 241 to 181 Wednesday. A permanent tax increase on the income of private-equity and hedge-fund managers, along with provisions aimed at curtailing offshore tax avoidance, would be used to offset the $31 billion cost for the tax breaks for research and development, overseas lending by U.S. banks and for refurbishments to restaurants and retail stores. Lawmakers warned, however, that some of the breaks could be eliminated as early as next year.http://online.wsj.com/article/SB126039125069884187.html?mod=dist_smartbrief