Congress passes tax bill, ending dispute with EU

[Schweddy]

Source: IHT

WASHINGTON The U.S. Senate gave final approval Monday to a bill that would resolve a long-running trade dispute between the United States and Europe, as well as hand out about $140 billion in corporate tax breaks.

The legislation, which has already been passed by the House of Representatives, passed the Senate on a vote of 69 to 17. It will be sent on to President George W. Bush, who is expected to sign it.

The largest provisions of the bill repeal an annual $5 billion tax break to U.S. exporters that was ruled illegal by the World Trade Organization. The bill replaces the tax break with a tax reduction for manufacturers based in the United States.