Dec. 1 (Bloomberg) -- The U.S. House of Representatives will probably vote this week to revive dozens of lapsed tax breaks and extend them only through the end of this year, said two Republican congressional aides.
The move reflects Republicans’ calculation that a $400 billion-plus bipartisan proposal that collapsed last week probably can’t be resurrected. That tentative agreement would have made permanent some major business tax breaks, including the research and development tax credit and expanded capital write-offs for small businesses.
Instead, the House’s move toward a temporary patch that would expire on Dec. 31 shows lawmakers’ desire to wrap up the congressional session as quickly as possible and minimize disruption to the beginning of the tax-filing season in January. All or almost all the breaks would be extended, the aides said.
The aides spoke on condition of anonymity before an official announcement. The House isn’t scheduled to hold votes on Dec. 5, and lawmakers are planning to adjourn for the year by Dec. 11.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
