More On Tax Planningfrom The Advisor's Professional Library
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- Long Term Care Insurance: Premiums While premiums for qualified long-term-care insurance may be deductible as medical expenses there are exceptions to this general rule. Learn how to avoid unnecessary tax liabilities.
Senate Finance Committee Chairman Ron Wyden, D-Ore., and Ranking Member Orrin Hatch, R-Utah, announced Tuesday that the committee will mark up a bill Thursday on a set of provisions known as “tax extenders” that have expired or will expire at the end of 2014.
The bill is called the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.
Provisions to be considered include section 179 expensing; bonus depreciation; the research and development tax credit (for drug and biotech companies, as well as high-tech firms); the production tax credit (PTC); the $1-per-gallon biodiesel tax credit; the short-line railroad tax credit; a rum tax that could benefit Puerto Rican bonds; and the Mortgage Debt Relief Act.
“This bipartisan extenders package is the product of a Finance Committee that came together to provide needed certainty to the economy, protect jobs and maintain important priorities for working families,” Wyden said in a statement. “With that said, I am determined this will be the last extenders bill on my watch. It’s high time we focus on creating a new, 21st century tax code, because the status quo is unacceptable.”
Hatch added in the same statement that “for far too long, Washington has acted to extend longstanding tax policy, rarely shining a spotlight on the individual provisions or their impact on the families and businesses that benefit from them."
Such dysfunction, Hatch said, "must come to an end. This pared-back bill demonstrates to the American people that Congress can and will make the tough decisions needed to help clean up our broken tax code. It’s imperative to allow the committee to work its will, and a markup will provide members with ample opportunity to thoroughly examine these provisions.”
The statement from the two senators said the tax extenders package includes provisions that would benefit individuals, families and small businesses; incentivize research and development; and promote alternative and renewable energy initiatives, among others.
Check out Senate Finance’s Wyden Set to Move on Tax Extenders on ThinkAdvisor.