Legislative update: House passes second “tax extenders” bill

House passes second “tax extenders” bill

The House today passed, 272 to 142, H.R. 636, America’s Small Business Tax Relief Act of 2015—the second “tax extenders” bill passed by the House this week.

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H.R. 636 includes permanent extensions relating to:

  • Section 179 expensing
  • Section 1374 built-in gain tax
  • S corporation basis adjustment

The Joint Committee on Taxation today released a revenue estimate of the bill on the JCT website (posted on February 13, 2015).

The Senate has not indicated when it would consider this bill.

A Statement of Administration Policy (SAP) indicates that the president would be advised to veto this bill, in large part because the revenue costs are not offset.

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