Legislative Update: Senate Finance to mark up “tax extenders”

Senate Finance to mark up “tax extenders”

The Senate Finance Committee on Tuesday, July 21, will mark up a bill to extend a package of expired provisions—the “tax extenders.” Today’s Finance announcement states that the bill will be a “bipartisan tax extenders package.

Related content

Generally, the bill would extend expiring provisions for two years—retroactively from January 1, 2015, through December 31, 2016. In content, the bill is substantially similar to legislation enacted in December 2014 that extended the expiring provisions through December 31, 2014.

There are some minor changes in the draft bill released today, for example, the addition of a 10% credit for the purchase of electric motorcycles in 2015 and 2016. The credit, which is capped at $2,500 per qualifying vehicle, was in place prior to 2014, but was allowed to expire on December 31, 2013.

Documents

Read a Finance Committee summary [PDF 195 KB] of the tax extenders bill.

The Joint Committee on Taxation (JCT) released a description [PDF 330 KB] and revenue estimate [PDF 28 KB] of the tax extenders bill.

Prospects are currently uncertain

It is expected that the Finance Committee could complete consideration of the bill on July 21, but at this time, it is unclear when the full Senate would take up the bill.

Meanwhile, the House has already passed legislation to make a number of expiring provisions permanent law. For example, the House in May 2015 passed a bill that would make the research credit permanent. 

The House Ways and Means Committee has not yet acted on legislation that would extend beyond 2014 the full package of “tax extenders.”

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