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 happened last year when all the provisions were extended for 2014 only, after talks on making some long-temporary tax credits permanent and continuing others on a short-term basis fell apart.
Hatch said that isn’t an acceptable fall-back option if similar talks this year fail to produce an agreement. “It’s got to be multi-year,” Hatch told Bloomberg BNA Dec. 2. “We’re not going to put up with one year.”
For weeks, lawmakers have continued discussing a possible deal on permanency for popular tax breaks like the business credit for research and development and the Earned Income Tax Credit that households can claim.