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Senate passes bill temporarily renewing tax breaks
Source: Reuters
Senate passes bill temporarily renewing tax breaks
BY KEVIN DRAWBAUGH
WASHINGTON Tue Dec 16, 2014 8:13pm EST
(Reuters) - Dozens of temporary tax breaks, including big ones for business research, wind power and foreign profits, were renewed by the U.S. Senate late on Tuesday, putting to rest worries that further delays in dealing with the so-called tax extenders might foul up the approaching tax-filing season.
The Senate approved legislation sent from the House of Representatives that renews retroactively, back to Jan. 1, 2014, a 55-item package of tax breaks. Most of them expired at the end of 2013 and have since been in limbo.
The legislation, which passed the Senate 76-16, will be sent to President Barack Obama for signing into law.
In a floor speech before passage, Senate Finance Committee Chairman Ron Wyden said: “With this tax bill, the Congress is turning in its tax homework 11 months late...this package of tax incentives will last just two weeks before families and businesses are thrown back into the dark with respect to the taxes they owe. The legislation accomplishes nothing for 2015.”
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BY KEVIN DRAWBAUGH
WASHINGTON Tue Dec 16, 2014 8:13pm EST
(Reuters) - Dozens of temporary tax breaks, including big ones for business research, wind power and foreign profits, were renewed by the U.S. Senate late on Tuesday, putting to rest worries that further delays in dealing with the so-called tax extenders might foul up the approaching tax-filing season.
The Senate approved legislation sent from the House of Representatives that renews retroactively, back to Jan. 1, 2014, a 55-item package of tax breaks. Most of them expired at the end of 2013 and have since been in limbo.
The legislation, which passed the Senate 76-16, will be sent to President Barack Obama for signing into law.
In a floor speech before passage, Senate Finance Committee Chairman Ron Wyden said: “With this tax bill, the Congress is turning in its tax homework 11 months late...this package of tax incentives will last just two weeks before families and businesses are thrown back into the dark with respect to the taxes they owe. The legislation accomplishes nothing for 2015.”
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Read more: http://www.reuters.com/article/2014/12/17/us-usa-tax-extenders-idUSKBN0JV03120141217
