Senate stimulus offers more business tax refunds than House: report

By IBTimes Staff Reporter | February 02 2009 9:08 AM

The Senate's economic stimulus plan is offering $15.5 billion more in tax refunds to money-losing businesses for profits paid in previous years than a similar measure passed by the House last week, according to the Associated Press.

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The Senate bill as debate begins this week is about $890 billion compared with the $819 billion passed by the House, according to the report.

The House and Senate both offer money-losing companies to receive refunds from the previous five years by using current operating losses. The Senate plan, however, costs about $19.5 billion, while the House plan would cost about $15 billion, the report states.

The Senate's version of the bill also includes $11 billion in tax credits that would refund previously paid taxes for firms not making a profit this year.

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