Tax Extenders Bill Approved In House; Expected To Be Signed Into Law Soon

Friday, December 05, 2014 2:28 PM | NCSA Website Manager (Administrator)
The House of Representatives on Wednesday passed legislation that would extend until December 31, 2014 dozens of temporary tax provisions that lapsed at the end of last year.  H.R. 5771, the "Tax Increase Prevention Act of 2014" (yes, we know, who makes up these names?).  The Senate is expected to approve the bill next week and President Obama will sign it shortly thereafter.
 
H.R. 5771 largely mirrors a similar bill the Senate Finance Committee passed earlier this year. However, a key difference is that the Senate bill sought a two-year extension of the expired tax provisions and made some of the provisions, like section 179 expensing, permanent. Since the House bill only provides an extension to the end of this year, the extender issue will come up again next year.
 
The bill includes extensions of the section 179 expensing, the research credit, the deduction for state and local sales taxes, the work opportunity tax credit, look-thru treatment of payments between related controlled foreign corporations, and numerous other incentives for clean energy and charitable donations. In addition to the extensions, the bill includes a set of technical corrections to previously enacted tax laws.
 
The Ways and Means Committee has released a section-by-section summary of H.R. 5771 as approved by the Committee.  The summary is available here. Please note, however, that the House approved a floor amendment to also extend the credit for alternative fuel vehicle refueling property and make other technical changes to the bill.


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