Rep. Dave Camp. Photo: AP.

March 24 (Bloomberg) — The House Ways and Means Committee will begin debating which of 55 lapsed U.S. tax breaks should be extended permanently or dropped, potentially affecting a broader revamp of the tax code.

In a memo to committee members today, Chairman Dave Camp said the panel will look at the tax breaks starting in April, going “policy by policy.” The most significant benefits that expired Dec. 31 include the research and development tax credit used by companies such as Intel Corp. and a foreign tax provision used by Citigroup Inc. and Caterpillar Inc.

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