On Thursday afternoon, the Senate Finance Committee approved by voice vote a modified version of the “Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act”, which Chairman Ron Wyden released earlier this week to retroactively extend the tax provisions that expired at the end of 2013. The legislation would revive and extend for two years the tax preferences.
The approved measure contains over 50 provisions with an estimated cost of $86 billion. The EXPIRE Act contains six provisions AGC has advocated for in the underlying measure. AGC sent a letter to the committee outlining policies important to the construction industry, including adequate financing for the Highway Trust Fund and Inland Waterways Trust Fund, as well as addressing the multiemployer pension plans.
AGC provisions in the EXPIRE Act:
- Increased expensing limitations Section 179 property
- Bonus depreciation
- Work Opportunity Tax Credit
- New Markets Tax Credit
- 15-year straight-line cost recovery for qualified leasehold improvements
- Energy efficient commercial buildings deduction (Section 179D)