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Senate Finance Committee Approved Tax Extender Package

According to a press release from the Senate Finance Committee:

Senate Finance Committee Chairman Max Baucus (D-Mont.) led the Finance Committee today to pass bipartisan legislation extending dozens of tax-cuts known as “extenders” that have expired or are scheduled to expire at the end of this year. The legislation gives certainty to and critical support for working families and businesses across the country and prevents middle-class families from being hit by the Alternative Minimum Tax (AMT) for two years. The Committee approved the bipartisan bill by a vote of 19 to 5.

Here is a video of Senator Baucus’ statement at the passage of the bill:

Senator Hatch released his own press release celebrating the passage:

U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, today praised Committee action on the Family and Business Tax Cut Certainty Act of 2012 that for the first time would pare back tax provisions known as tax “extenders” as a step towards the ultimate goal of comprehensive tax reform.

“This legislation isn’t perfect, but it is an essential step towards the ultimate goal of comprehensive tax reform. I wish we could’ve gone farther in scaling back this legislation, but it is no small victory that we actually reduced the number of tax extenders by about 25 percent – a marked change from past practice,” said Hatch. “Year after year and in the dark of night, Congress extends these tax policies far from the watchful eyes of the American people. With this action by the Finance Committee today, we’ve said that the better path is to subject long-standing tax policies to much-needed public scrutiny. Allowing this committee to work is imperative as we try to confront the economic challenges facing our nation today.”

This legislation extends a number of expiring or expired tax provisions through 2013 and patches the Alternative Minimum Tax (AMT), while scaling back many of these tax provisions. Instead of potentially extending 73 tax provisions, the Finance Committee today only addressed 54, representing about a 25 percent reduction.

Importantly, the measure included a long-standing Hatch priority – the Research and Development (R&D) Tax Credit, which aims to boost American innovation and spur economic and job growth throughout the nation.

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