Year-End Tax Extenders Legislation Still Being Negotiated

U.S. Representative Kevin Brady (R-TX), Chairman, U.S. House Ways & Means Committee

U.S. Representative Kevin Brady (R-TX), Chairman, U.S. House Ways & Means Committee

Ongoing discussions are proving fruitful between the Treasury Department and House and Senate tax lawmakers. Kevin Brady (R-TX) is the new House Ways and Means Committee Chairman and according to Brady a new tax package is being finalized for consideration by Congress toward the end of the 1st session of the 114th Congress.

According to Chairman Brady the tax package could include permanent extensions of business tax credits, like the research and experimentation tax credit. In addition, tax writers are considering a permanent extension of a business favorite, Section 179 equipment expensing that allows deductions for the business expense in the year it was purchased, as opposed to deducting the expense over the course of a few years.

The White House is also pushing hard for the inclusion of incentives for individual tax payers that expire in 2017: Those include:  an expanded Earned Income Tax Credit, Additional Child Tax Credit and the American Opportunity Tax Credit, that covers a portion of higher education expenses. 


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