Wyden Outlines Tax Provisions to Revive, With More Expected at Markup

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Senate Finance Committee Chairman Ron Wyden (D-Ore.) outlined tax policies he aims to revive when the committee takes up expired tax credits and deductions April 3—and said he will expand the list ahead of the meeting.
Included in the list Wyden released April 1 are a two-year extension of the deduction for state and local taxes; a two-year extension of the research tax credit in tax code Section 41; and extension of the 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
Wyden also included bonus depreciation—a vestige of the Obama administration's economic stimulus—and the active financing income exception in tax code Sections 953 and 954, allowing deferral of foreign income for financial institutions.