Congress Divided Over Extension of Expired Tax Provisions
November 3, 2015
Congress is considering several measures that would extend tax provisions that were previously allowed to expire.
Here are the facts:
Republicans are in favor of extending these expired tax provisions permanently. However, Democrats oppose this noting that permanent extensions would be included in the official budget baseline, which explains why making them permanent would add to the federal debt.
While President Obama and many Democrats support the aim of the tax breaks, the president has vowed to veto the permanent extensions because of the deficit impact.
Though none of these measures have been enacted, both the House and Senate are working on various packages to extend expired provisions. Many are predicting it will be December before final action is taken. It also remains unclear whether we will get permanent relief or just another short-term “extender package,” as was done at the end of 2014.
If you would like to discuss how these tax provisions could affect your business, or would like to discuss any other tax matters with Smith & Howard, please contact Debbie Torrance or anyone in the tax group at 404-874-6244. We’ll keep you posted on status updates.
If you would like to contact a member of Congress to express your viewpoint about these measures, simply click here to find contact information.
If you have any questions and would like to connect with a team member please call 404-874-6244 or contact an advisor below.CONTACT AN ADVISOR
Subscribe to our newsletters to get inside access to timely news, trends and insights from Smith + Howard.