The conventional wisdom in the nation’s capital is that lawmakers are still on track to ink a final deal before years’ end to reinstate and possibly extend expired business tax provisions, including 50 percent bonus depreciation and higher Sec. 179 expensing levels. However, with just six weeks left in the year, pressure is mounting on House and Senate tax committee leaders to roll up their sleeves and get a deal done.
With the leadership of the House Ways & Means Committee definitively resolved (the House GOP conference gave Rep. Kevin Brady [R-Texas] the gavel earlier this month) negotiations can finally get underway. The House will likely push for several extenders – including bonus depreciation and increased Sec. 179 – to be permanently restored. However, the Senate Finance Committee’s consensus bill would simply extend all of the 50+ expired tax provisions for 2015 and 2016.
It’s currently uncertain how differences will be resolved. An extenders package could move on its own, be attached to an omnibus spending bill that needs to be approved by Dec. 11, or be part of an even bigger year-end package that includes a highway bill.
Help lawmakers make the right choices to benefit American businesses – including repair stations. Let ARSA show you how to get involved.
