Feds look to extend tax breaks

Feds look to extend tax breaks

for small businesses through 2014. House moves on Extenders and Omnibus Deal.(12.3.14)

The House may vote on a bill—as soon as today—that would extend through the end of the year a number of expired tax provisions, known as “extenders.” Unfortunately the extenders bill would only extend those provisions through 2014, essentially giving business owners only a handful of days to make major spending decisions.

The bill, the Tax Increase Prevention Act of 2014 (H.R. 5771) was introduced by House Ways and Means Committee Chairman Dave Camp (R-Mich.), on Monday. H.R. 5771 would provide extensions for numerous tax provisions for businesses, including the research and experimentation (R&E) credit, the work opportunity credit, bonus depreciation, expanded Section 179 small business expensing, and the production tax credit (PTC) for wind and certain other renewable sources of electricity.

The bill was introduced after President Barack Obama threatened last week to veto a potential agreement that would have made some extenders permanent and renewed others for two years. The Senate Finance Committee earlier this year approved a bill that would extend many extenders through 2015, but that legislation never passed the full Senate. Republicans are likely to revisit the idea of making some of the extenders permanent next year, when they have full control of both the House and Senate.

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