Senate Finance Committee to Mark Up Extenders Package -
Three months after dozens of individual and business tax provisions expired, the Senate Finance Committee is poised to mark-up a bill tomorrow that would extend 42 expired provisions--along with two provisions expiring in 2014--through the end of 2015.
Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Orrin Hatch (R-UT) released a bipartisan draft bill on April 1. Because it is a bipartisan draft, and Ranking Member Hatch favored extension of targeted measures rather than a blanket extension, the “Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act” leaves out several controversial measures opposed by some Republicans, notably the Production Tax Credit (PTC) for renewable energy, as well as several less-controversial but lesser-known energy efficiency provisions. Bonus depreciation and several advanced biofuels and clean energy provisions are included.
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