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.
Peter J. Scalise serves as the Federal Tax Credits & Incentives Practice Leader for Prager Metis CPAs, LLC a member of The Prager Metis International Group. Peter is a highly distinguished BIG 4 Alumni Tax Practice Leader and has approximately twenty years of progressive public accounting experience developing, managing and leading multi-million dollar tax advisory practices on both a regional and national level.
Peter is a highly acclaimed thought leader in the fields of accounting and taxation with deep subject matter expertise in connection to designing, implementing and defending sustainable methodologies for specialty tax incentives including, but not limited to, research tax incentives; orphan drug credits; therapeutic discovery credits; accounting methods and periods; energy tax incentives in connection to green building envelope efficiency and benchmarking, solar energy, bio energies, fuel cells, wind turbines, micro turbines, and geothermal systems; and comprehensive fixed asset analysis incorporating principles of construction tax planning, cost segregation analysis and the final treasury regulations governing tangible property.
Peter is a renowned keynote speaker and an extensively published author on specialty tax incentives, tax controversy matters, and legislative updates from Capitol Hill for NAREIT, AGRION, USGBC, AICPA, ASTP, NATP, ABA, AIA, and TEI. Peter serves as a member of the Tax Faculty for CPAacademy, iShade and TaxConnections University (“TCU”). Peter serves on both the Board of Directors and Board of Editors for The American Society of Tax Professionals (“ASTP”) and is the Founding President and Chairman of The Northeastern Region Tax Roundtable.
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