TaxConnections Member Peter Scalise

On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.

As a synopsis, the proposed tax-extenders package called for making permanent a number of tax extenders equally split 50-50 between business entities and individuals. Under the proposal, the tax-extenders package would make permanent the Research and Development Tax Credit Program; I.R.C. § 179 Read More

On Tuesday, December 16th the U.S. Senate passed H.R. 5771 by a 76 to 16 vote reviving dozens of previously expired tax breaks for calendar year 2014 only.

Republicans and Democrats compromised on the one-year extension after the White House undercut negotiations on a broader bipartisan package, underscoring divisions between Democrats in the wake of this year’s heavy losses at the election polls this past November. Senators from both parties indicated that they would have preferred legislation that would have restored the tax extenders through calendar year 2015 (e.g., a 2 year extension package that would have retroactively reinstated the tax extenders for calendar year 2014 and forward through all of calendar year 2015). The bill is now awaiting President Obama’s signature in order for the bill to become law. It is highly anticipated that the President will Read More