Senate Finance Committee Chairman Ron Wyden, D-Ore., led the Finance Committee earlier this month to pass bipartisan legislation renewing a set of provisions known as “tax extenders” that have expired or will expire at the end of this year. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, was approved by bipartisan voice vote.
The package includes tax breaks for individuals, including the deduction for state and local sales taxes and the deduction for mortgage insurance premiums, as well as some key tax benefits for business, including the Research and Development (R&D) tax credit; Work Opportunity Tax Credit; Expensing (Section 179); Bonus Depreciation; and breaks encouraging energy efficiency, such as the Energy Efficient Commercial Building (Section 179D).
“By passing this bill, the Finance Committee has put an expiration date on the status quo,” Wyden said. “The stop and go nature of these tax extenders contributes to the lack of certainty and predictability America needs to create more family wage jobs. But it makes no sense to let these incentives disappear without a comprehensive reform proposal to replace them when jobs, innovation and research, and people’s homes are on the line.”
Wyden’s full statement is available here.
The package includes provisions that would benefit individuals, families, and small businesses, incentivize innovative research and development, and promote alternative and renewable energy initiatives, among others.
The provisions in the bill are all extended for two years – covering all of 2014 and 2015.
Have a question for us, or want to ask us how the WOTC can help your business? To speak with a CMS WOTC Representative, or find out about the Work opportunity Tax Credit Savings in your state, please call us at 1-800-517-9099 and ask for Brian, or send an email.