Tax Extenders Inch Ahead in Senate; Leaders Hash Out Amendments

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

The Senate moved closer toward extending several dozen tax provisions that expired at the end of 2013, clearing a procedural vote that brings the measure for consideration.
Without an agreement on which amendments—if any—will be allowed on the bill, the path forward wasn't entirely clear. Republican lawmakers couldn't say whether enough of their members would be willing to support the otherwise popular measure if Senate Democratic leaders continue to restrict amendments—a strategy they attributed to Senate Majority Leader Harry Reid (D-Nev.).
H.R. 3474, the Expiring Provisions Improvement, Reform, and Efficiency Act, extends for two years more than 50 provisions, such as the tax credit for research and experimentation, the tax benefit for contributions of conservation easements on farmland and business expensing under Section 179 of the U.S. Internal Revenue Code.