The so-called “tax extenders” bill, S. 2260, the Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014, includes extensions of popular tax provisions, including the research and development (R&D) tax credit and the deduction for state and local sales taxes. For more information on the EXPIRE Act, please click here.
The U.S. House of Representatives has taken a differing approach to tax extenders. On Friday, the House voted 274 to 131 Friday to approve H.R. 4438, a bill to strengthen and make permanent the R&D tax credit. Rather than a temporary extension, H.R. 4438 is one of six bills approved by the Ways and Means Committee in April that would make permanent certain business tax extenders. The committee has yet to consider a bill that would renew the remaining expired or expiring tax provisions included in the EXPIRE Act (S. 2260).
While FEI strongly supports H.R. 4438 and the other permanent tax extender bills pending in the House, FEI is urging Congress to reenact the tax extender provisions that expired at the end of 2013 without delay. These tax provisions benefit a wide range of taxpayers and are important to U.S. jobs and the broader economy, but the lack of timely congressional action to extend these provisions and make them permanent is disruptive and injects more instability and uncertainly into the economy. Important tax extenders for the business community include the R&D tax credit, as well as 50 percent bonus depreciation, subpart F exemption for active financing income, look-through treatment for controlled foreign corporations (CFC), and the reduced recognition period for S corporation built-in gains.
Take Action
FEI is asking all members to write their Senators through FEI Grassroots, powered by VoterVoice. Today, you will receive an email containing instructions on how to send an email to your Senators to urge them to pass S. 2260 when it comes up for a vote later this week. You can also access the campaign at FEI Grassroots by clicking here.
For more information, contact Karen Lapsevic, Director, Government Affairs, at 202-626-7809 or [email protected].