This week, the U.S. Senate passed legislation known as the tax extenders bill by a vote of 76 to 16, which passed the U.S. House of Representatives earlier this month. The bill is now on its way to President Obama who is expected to sign the bill. The following tax extenders were among the provisions included in the bill, which were applied retroactively and cost $41.6B according to the Joint Committee on Taxation.
- R&D credit
- Bonus depreciation
- 15-year depreciation for restaurants
- Parity for mass transit and parking benefits
- Sec. 199 deduction for Puerto Rico
- Rum excise tax cover-over program for Puerto Rico
- Modified production tax credit for renewable electricity production
- Unrelated business income tax
- New markets tax credit
- Work opportunity tax credit
These provisions were only passed through 2014; and therefore, expire in just a few weeks. Given this, efforts will be quickly underway for a new extension.
For more information on the tax extenders bill or IPC’s government relations efforts, contact Ken Schramko, IPC director of government relations, at KenSchramko@ipc.org or +1 202-661-8094.