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SENATE COMMITTEE PASSES TWO-YEAR APPROVAL OF TAX EXTENDERS
Jul. 24, 2015
Penton Agriculture reports:
The Senate Finance Committee on Tuesday approved a number of expired tax provisions for two years with a 23-3 vote.
The approval gets extenders one step closer to avoiding a last-minute December deal, which would provide farmers and small business owners more time to take advantage of tax incentives such as higher expensing levels under Section 179, which is included in the package.
Other extenders include bonus depreciation and continuation of a handful of breaks that benefit renewable fuel production.
The House already has approved permanent extensions of some tax extenders under H.R. 636, America's Small Business Tax Relief Act of 2015; that bill also includes higher Section 179 expensing.
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