The Center of the California Enterprise Zone Information Universe

Senate Finance Committee Expected to Vote on Extenders

According to Bloomberg, Senator Ron Wyden expected to have the Finance Committee vote on the tax extender package the week of March 31. Apparently, the committee is considering voting on an extension of provisions through 2015:

The U.S. Senate Finance Committee probably will vote during the week of March 31 to revive dozens of tax breaks that expired Dec. 31, said a Democratic aide to the panel.

The tax breaks include the research and development credit and a provision that lets companies such as Citigroup Inc. and General Electric Co. defer U.S. taxes on some of their foreign income. Other expired breaks include the production tax credit for wind energy and a tax credit for manufacturers of energy-efficient appliances such as Whirlpool Corp.

The tax-break vote will be the first test for Senator Ron Wyden, the Oregon Democrat who became the Finance Committee’s chairman last month.

The committee hasn’t decided whether to extend the breaks through the end of 2014 or 2015, said the aide, who spoke on condition of anonymity. Wyden’s proposal probably will exclude or refine some of the 55 breaks, the aide said. The goal is to produce a bipartisan bill in the committee, the aide said.

Wyden has made reviving the lapsed breaks his first priority since taking over for Max Baucus, who is now the U.S. ambassador to China.

The path forward after a committee vote or even Senate passage isn’t clear.

House Republicans have said they won’t consider a short-term extension of the breaks. In that chamber, Ways and Means Committee Chairman Dave Camp on Feb. 26 released a draft revamp of the entire U.S. tax code.

“I am not going to sacrifice important matters like research and development and innovation on the altar of perhaps some inaction on comprehensive reform,” Wyden said Feb. 13 on Bloomberg Television’s “Political Capital with Al Hunt.”

Follow maxshenker on Twitter

Receive By Email

Enter your email address and receive the EZ Policy Blog by email.