On July 21st of 2015, the Senate Finance Committee overwhelmingly passed a tax extenders bill with a bipartisan vote of 23 to 3 that plans to extend over 50 previously expired tax provisions for a two year period (e.g., retroactively to cover all of calendar year 2015 and prospectively to cover all of calendar year 2016).
The bipartisan tax extenders package includes provisions to assist both individuals and business entities alike. Just a few of the more popular tax provisions outlined within this bill include, but are not limited to:
• The Research & Experimentation Tax Credit Program;
• The I.R.C. § 179D Energy Tax Deduction for Building Envelope Efficiency;
• The 50% Bonus Depreciation Program and Extension of the I.R.C. § 179 Expensing Thresholds;
• 15 Year Depreciation Recovery Life for Qualified Real Property; and
• The Hiring & Employment Credits Program.
The tax extenders bill will now go before the Senate floor for deliberation. It is highly anticipated that the Senate will pass this legislation as signaled by the favorable bipartisan vote of final passage in the Senate Finance Committee. As a caveat, the Senate bill will need to be reconciled with the previously passed House of Representatives bill in order to present a unified bill before the President’s desk for consideration.