DEC 8, 2015
By Dean Zerbe, Forbes.
Late last night, the House Ways and Means Committee Chairman, Congressman Brady (R-TX), put out a proposed two-year extenders bill (along with a significant number of other provisions) that appear to be “the deal” – the bill can be found here: http://1.usa.gov/1lKKSW8. The chances of a bigger deal (permanency for a number of provisions) look at the moment to be filed under “a bridge too far.” Still, this is an impressive effort out of the gate by Chairman Brady as well as his Senate colleagues – Chairman Hatch (R-UT) and Senator Wyden (D-OR). Consideration of the legislation is anticipated for this week.
The proposed bill extends (going back to cover 2015 and going forward to cover 2016) all of the tax provisions that had expired – including a number near and dear to business (R&D tax credit; 179 expensing (expanded further in 2016) and accelerated depreciation being the key ones) as well as individuals (including deduction of state and local sales tax and deductions for school teachers) and charities (IRA rollover and conservation easements). The bill keeps in place also a number of energy provisions (including biofuel; wind; and energy efficient buildings)