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Senator Wyden Proposes Two-Year Extension of Expired Tax Provisions

Senate Finance Committee Chairman Wyden has released his proposed legislation to extend the expired “tax extenders.” Almost all provisions, including the Work Opportunity Tax Credit and the Research and Development tax credit, would be extended retroactively to the beginning of 2014 and through the end of 2015. A notable exception is the federal Empowerment Zone program which would be allowed to expire.

According to Bloomberg BusinessWeek:

Dozens of lapsed U.S. tax breaks, including benefits for corporate research and international finance operations, would be extended through 2015 in a plan released by Ron Wyden, chairman of the Senate Finance Committee.

Wyden scheduled an April 3 vote on his proposal, which was released today and would cost the U.S. government $67 billion over the next decade in forgone revenue. The breaks, which benefit companies including Citigroup Inc. and General Electric Co., expired Dec. 31.

Wyden’s plan is the first test for the new Democratic chairman of the committee. His proposal excluded several tax breaks that may be added through amendments by the committee, including an extension of the production tax credit for wind energy and accelerated depreciation for motor sports tracks.

The Joint Committee on Taxation markup can be found here:

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