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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. ...

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...

CBO Director Talks Spurring Innovation Through Tax Policy

Congressional Budget Office (CBO) Director Douglas Elmendorf outlined possible policy approaches for increasing innovation at a September 27 presentation.  Among the policy options were: Increasing the research and development (R&D) tax credit, Decreasing taxes on U.S. multinational corporations, and Improving science, technology, engineering, and math education. Mr. Elmendorf...

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