Despite opposition from the business community, the Senate appears ready to eliminate the federal tax deduction for companies who pay punitive damages awards.

The Senate on Wednesday, voting 60-37, approved an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that ends the deduction in order to pay for an extension of the First Time Home Buyer Credit program. The jobs bill is still pending final approval in the Senate; it was passed by the House of Representatives last month.

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