Expired Tax Provisions Addressed in House

On Tuesday, the House Ways & Means Committee held its first hearing for making permanent some of the business-related tax provisions that expired last December and were included in the discussion draft introduced by Chairman Dave Camp (R-Mich.) on Feb. 26. Analysis from the Joint Committee on Taxation on the seven business-related tax provisions in the “Tax Reform Act of 2014” can be viewed here. Last week, the Senate Finance Committee approved by voice vote the EXPIRE Act, which would retroactively extend for two years the nearly 55 tax provisions that expired at the end of 2013 at an estimated cost of $86 billion. The EXPIRE Act contains seven tax policy priorities for the construction industry including expanded expensing limitations for Section 179 property and bonus depreciation. The EXPIRE Act is anticipated to next head to the Senate floor for a full vote. Although Senate leaders support an extenders package, the timing of the actual floor vote is uncertain. It is expected to pass after some debate, notwithstanding pockets of opposition to various provisions. The House path is less clear on whether the chamber will mark up its own extenders bill or accept the Senate’s version at some point during a post-election “lame duck” session of Congress. For more information, please contact Brian Lenihan at (202) 547-4733 or lenihanb@agc.org.