April 1 (Bloomberg) — 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 tax 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 panel chairman. His plan left out some breaks that may be added in amendments by the committee, including an extension of the production tax credit for wind energy, accelerated depreciation for motor sports tracks and an international look-through rule relied on by multinational corporations.
"I am determined this will be the last extenders bill on my watch," Wyden said in a statement today. "It's high time we focus on creating a new, 21st-century tax code, because the status quo is unacceptable."
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