Provisions that are likely to be passed – however late
Tax extenders -- temporary tax provisions that are reinstated on a regular basis -- have been a recurring part of the tax scene for years, but Congress’ habit of passing them extremely late in the year tends to eliminate their intended effect for tax planning (e.g., last year’s reinstatement of Section 179 increased expensing limits gave little time for purchasers of new equipment to be sure that the deduction would in fact be in place).
Much of the current group up for debate expired at the end of 2013, and were reinstated for 2014 on Dec. 19, 2014. The Senate Finance Committee in July passed a bill that would extend many of these provisions for two years, until the end of 2016, but as of yet there’s been no sign of further movement.
While the extenders run the gamut from insignificant to highly significant, a number of them are so important that it is inconceivable that they won’t get passed, sooner or later. Here are some of the ones affecting people and businesses in important ways.