Despite reports that a bill renewing a series of expired tax credits is nearing completion, tax extenders legislation is becoming more controversial on Capitol Hill, threatening its chances of passing this year.
U.S. lawmakers reportedly are nearing an agreement to extend tax provisions that have been expired for more than a year. The White House is already threatening to veto the legislation because it doesn’t extend expansions of the child tax credit and earned income tax credit that lapse at the end of 2017.
NATSO members are encouraged to contact their Senators and Representatives to urge passage of tax extenders legislation. Click here to contact your lawmakers.
NATSO has urged quick action on tax extenders legislation including the $1 per gallon biodiesel tax credit and the Section 179 expensing provision that enables small businesses to deduct certain property expenses from their taxes and bonus depreciation provisions to provide business owners with tax certainty needed for long-term planning.
U.S. Treasury Secretary Jacob J. Lew called the potential agreement “fiscally irresponsible,” citing a cost of more than $400 billion to the U.S. economy. House Ways and Means Committee Chairman Rep. Dave Camp (R-Mich.) has said “it remains to be seen whether something will come together.”
The House of Representatives returns Dec. 1 for eight days to finish its post-election session, giving lawmakers limited time to address the controversial legislation.
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