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Senate Passes 2014 Tax Extenders, White House Opposition Unlikely

On December 16, in a vote of 76 to 16, the Senate passed the long-anticipated “extenders bill,” extending 55 tax provisions that expired at the end of 2013.  The bill had been passed by the House of Representatives on December 3, 2014 and now heads to the President’s desk where it is expected to be signed into law. As a one-year extension of tax provisions that expired on...

House Passes 2014 Tax Extenders, Senate Will Likely Follow Suit

In an overwhelming vote of 378 to 46, the House of Representatives passed a one-year extension on 55 tax provisions which expired at the end of 2013, so called “tax extenders.”  The tax extenders bill includes numerous popular business tax breaks, like the research credit (with a price tag of $7.6 billion according to the Joint Committee on Taxation), the new markets tax...

One Extenders Deal Put Off After Veto Threat, 2014 Extension Vote May Be Coming Soon

For a few hours last week, it appeared that there was a bipartisan agreement on expiring tax provisions, but shortly after press reports on the deal, the agreement fell apart under threat of a White House veto.  In a surprise to many, about 10 expiring tax provisions would have been made permanent under the agreement, including the research credit and expanded section 179 expensing. ...

Senator Wyden Renews Push for Tax Extenders

The Congressional tax agenda for the end of 2014 is now clear: tax extenders and inversions.  Even as inversions dominate the news, Senate Finance Committee Chairman Ron Wyden (D-Ore.) is continuing his push to pass legislation which extends expired tax provisions.  On September 15, Senator Wyden issued a statement on the need to renew expired tax provisions, stating that the actions...

House Passes Bill to Make Bonus Depreciation Permanent

On July 11, 2014, the House of Representatives passed a bill to renew bonus depreciation and to make the provision permanent.  Bonus depreciation is one of several expired provisions that House Ways and Means Committee Chairman Dave Camp (R-Mich.) has made sought to make permanent. Bonus depreciation allows businesses to immediately deduct 50 percent of qualified purchased property and...

The House Ways and Means Committee Approves 6 Permanent Business Tax Extenders

On April 29, 2014, the House Ways and Means Committee approved six bills that would make several expired business tax provisions permanent. Included among the “tax extenders” that would become permanent are a simplified version of the research credit, the subpart F active financing exception, and the controlled foreign corporation look-through rule. Ways and Means Chairman...

Finance Chairman Releases Extenders Package; Drops Look-Through (or Maybe Not)

Update 2: The two-year extension of the look-through provision was officially added back into Sen. Wyden’s extenders package. Update: Dropping look-through lasted approximately 6 hours today.  The extenders package released this morning would not have extended the related party look through rule as discussed in the original post, but by 4 PM, a two-year extension of the look-through...

Wyden-ing his Reach: From Energy Chair to Finance Chair

Senator Ron Wyden (D-Ore.) is likely to become busier in 2014, as his ascension to Chair of the Senate Finance Committee is all but confirmed.  In recent days, speculation has shifted from if Sen. Wyden will be appointed to what will be accomplished when he is appointed. The role of Chair will become vacant upon Sen. Max Baucus’s (D-Mont.) confirmation as Ambassador to China (see our...

Bet Against the House: Tax Reform, Extenders Not Getting Introduced by Camp in 2013

On December 4, House Ways and Means Committee Chairman Dave Camp (R-Mich.) told reporters that he will not release a comprehensive tax reform bill in 2013.  Rep. Camp left no room for doubt when he told reporters “[w]e’re running out of time, and I have no plan to introduce the tax bill this year.”  While this had been somewhat expected (see our prior post), it is a shift in language...