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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...

Now it’s a Trend: Another Tax-Writer Stepping Down, as Camp set to Retire

House Ways & Means Chairman Dave Camp (R-Mich.) formally announced that he would retire at the end of the current Congress.   Many saw this decision coming, as House Republican conference rules will require Rep. Camp to relinquish his chairmanship of the powerful Ways & Means Committee after this Congress.  As Chairman, Rep. Camp has pushed hard for comprehensive tax reform,...

Moving On Up to the Means Side? Ryan Seeks Ways and Means Chairmanship

In the wake of brokering a bipartisan budget deal with Senator Patty Murry (D-Wash.), Representative Paul Ryan (R-Wis.), current chair of the Budget Committee, already has set his sights on a new position:  Chairman of Ways and Means.  Representative Dave Camp’s (R-Mich.) term as Chairman will expire after 2014 because of House Republicans’ caucus chairman term limits.  When Rep....

Reform Roundup: Opinions on the Likelihood of Near-Term Reform Legislation

In the wake of Congress’ recent debt ceiling deal, several views have emerged regarding the likelihood of comprehensive tax reform legislation being introduced by the end of 2013, as has been targeted by chief tax writers Representative Dave Camp and Senator Max Baucus.  These views differ, but the overall consensus is less than optimistic: Bloomberg/BNA reports that most tax...

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