House Sends One-Year Extension of Expired Policies to Senate

On Wednesday, the House approved H.R. 5771, the “Tax Increase Prevention Act of 2014,” by a 378 – 46 vote. The $41.6 billion tax extenders legislation restored approximately 52 expired tax provisions for fiscal year 2014, including nine AGC tax priorities (i.e. 179 expensing, bonus depreciation, R&D). The Senate is expected to address the bill by the middle of next week. Opposition from the White House and Democratic Senators dashed the prospect of a two-year plan in late November, which led House Republican leadership to the vote on the one-year package.  Last week, AGC sent a letter to members of Congress laying out the provisions critical to the construction industry.  AGC will continue to press for permanency of the provisions during the tax debate in the coming months of the new 114th Congress. For more information, please contact Brian Lenihan at (202) 547-4733 or lenihanb@agc.org.