Senate Passes Bankruptcy Reform Bill

The Senate on March 10, 2005 passed a long delayed bankruptcy reform bill (Sen 256) by a vote of 74 to 25. Included in the tax title of the legislation are a number of provisions addressing various aspects of the treatment under the bankruptcy laws of tax obligations, claims and liens. The legislation is expected to be taken up quickly by the House in the form passed by the Senate and then go to the President for his promised signature.