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Category Archives: Federal Tax Credits

IRS Lists Research Credit Among “Dirty Dozen Tax Scams”

Each year, the IRS releases a list of “Dirty Dozen Tax Scams” which usually includes things like fake charities or identity theft. This year, “misuse” of the Research Credit makes the list: The research credit is an important feature in the tax code to encourage research and experimentation by the private sector. The IRS continues […]

Fallback Extender Bill Still Includes Enhancements

Ways and Means Chairman Kevin Brady has introduced a two-year extender bill to serve as a fallback position in case a larger deal proves elusive. The buzz is certainly making it sound like two years will be the best Congress can do. However, even this two-year proposal is not just a simple extension of the […]

Senator Hatch: One-Year Retro Extenders Not an Option

Bloomberg BNA is reporting that Senate Finance Committee Chairman Orin Hatch is saying that extending the expired tax provision just for 2015 (as was done last year) is not an option this year. Another one-year or shorter extension of lapsed tax extenders won’t be acceptable, said Senate Finance Committee Chairman Orrin G. Hatch (R-Utah). That […]

Ways and Means Chairman Brady’s Priority is Permanence for Extenders

The following is from the San Antonio Express News: Brady’s immediate priority as Ways and Means chairman will be to press for the permanent extension of a package of temporary tax cuts that have to be renewed every year. Among them is a research and development tax credit for businesses worth an estimated $177 billion […]

Senate Finance Committee Passes Two-Year Extender Bill With Enhancements to WOTC and R&D

The Senate Finance Committee has passed a two-year extender bill. While 105 amendments were offered by committee members, Chairman Hatch did not allow very many of those to be included. In order to enhance the chance of passage, Senator Hatch even withdrew his own amendments related to permanent extension of certain provisions such as the […]

Amendments Offered to Senate Finance Extenders Bill

The Senate Finance Committee is still scheduled to markup an extenders bill tomorrow, July 21. The Committee has released the amendments which various Senators would like to have included in the bill. Notably, Committee Chairman, Senator Hatch himself has offered an amendment for the permanent extension of the R&D credit which is consistent with legislation […]

Senate Finance Committee Scheduled to Markup Extenders Bill July 21

The Senate Finance Committee has released a “Description of the Chairman’s Mark of a Bill to Extend Certain Expired Tax Provisions” with the notice that it is scheduled for markup in committee on July 21. The description simply extends the provisions for two years, from the beginning of 2015 through the end of 2016. It […]

New Tax Extender Talk

POLITICO’s “Morning Tax” has a pair of updates on tax extender legislation: Lots happening on the tax extenders front, at least rhetorically. Pro Tax’s Katy O’Donnell reports the Senate Finance Committee could mark up a two-year catch-all extenders package as early as next week, according to aides and lobbyists. Over on the House side, Ways […]

Senate Finance Committee Releases Tax Reform Proposals

After multiple delays, the Senate Finance Committee has released a series of five working group reports on tax reform: The Business Income Bipartisan Tax Working Group Report The Community Development & Infrastructure Bipartisan Tax Working Group Report The Individual Tax Bipartisan Tax Working Group Report The International Tax Bipartisan Tax Working Group Report The Savings […]

IRS Provides Notice That All Empowerment Zones Extended Through 2014

While the federal Empowerment Zones were extended legislatively as part of tax extender legislation at the end of 2014, the IRS requires that the states extend the expiration dates of their zones. In the past, the IRS decided to deem all Empowerment Zones extended unless a state proactively requested that their zones not be extended. […]

White House Threatens to Veto Permanent R&D Tax Credit Bill

The White House issued a statement saying that the President would likely veto H.R. 880 which seeks to enhance and make permanent the federal R&D tax credit: The Administration supports enhancing, simplifying, and making permanent the Research and Experimentation Credit (“R&D credit”), and offsetting the cost by closing tax loopholes. The President’s Budget proposes to […]

Paul Ryan Comments on Tax Extenders

On April 29 Ways and Means Chairman Paul Ryan spoke at an event for the Christian Science Monitor. The following a a transcript and video of an exchange with reporters regarding the status of tax extender legislation this year: Question: There have been a few extender bills sort of trickling out of Ways and Means […]

GOP Majority Leader Makes Permanent R&D Tax Credit Top Priority

Majority Leader Kevin McCarthy, in a memo released May 1, lists the simplification and permanent extension of the Research and Development Tax Credit a top priority for Congress: Innovation is essential to achieving and maintaining economic prosperity in this increasingly competitive world. Yet our place as the most innovative nation on earth cannot be taken […]

Ways and Means Committee Passes Permanent R&D Credit

The Ways and Means Committee today passed H.R. 880 making the R&D tax credit permanent. A similar bill was passed by the House last year, and despite the President calling for the same policy,* has little chance of passage on its own. *Pages 49-50

Paul Ryan Wants to Deal With Extenders Early

According to Politico: Chairman Paul Ryan during the [Ways and Means Committee] hearing said he wants to pass extenders earlier this year rather than waiting until the end of the year and making everyone frantic about whether they’ll be continued.

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