Brownstein Tax Alert, February 20, 2009
The ARRA is one of the largest pieces of legislation in U.S. history. One of the most significant tax incentives for businesses is a deferral of cancellation of debt income ("CODI") from the reacquisition of a debt instrument. Members of the firm's Government Relations Group were instrumental in obtaining the CODI relief that was enacted as part of ARRA. It has been hailed by business leaders and chambers of commerce as a critical tool to the economic recovery.