The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.
In a pair of emails Monday, the IRS noted that pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic cuts will take place as of March 1, 2013. The 1985 law, better known as the Gramm-Rudman-Hollings Act, provided the original basis for the budget sequestration process that was revived in 2011 as part of the Budget Control Act.
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