When Congress returns to Capitol Hill on Nov. 12 for the lame duck session, Republicans and Democrats are expected to discuss several issues of importance to NATSO members, including a tax extenders package.
NATSO supports passage of legislation that would extend the $1 per gallon biodiesel tax credit and the so-called Section 179 expensing provision that enables small businesses to deduct certain property expenses from their taxes as well as bonus depreciation provisions.
While there is much optimism that a tax extenders package will be passed, there could be significant debate over whether these items should be incorporated in a comprehensive tax reform package in 2015.
Legislation to extend expired provisions in the Internal Revenue Code through the end of 2015 was approved in the Senate Finance Committee in April. The House of Representatives, however, passed a number of bills that would make certain provisions permanent.
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