For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
Sept. 10 — Congressional action on extenders isn't coming anytime soon, despite broad business community outreach pushing renewal as soon as possible.
Lawmakers are too tied up with legislation related to the Iran nuclear deal and a fight over funding the government to focus on the dozens of expired tax breaks for individuals and businesses, so much so that the Senate's top tax writer is deferring to his majority leader on a timeline for moving his extenders bill.
“We passed it out of committee, so it's up to the leader when he wants to do that,” Senate Finance Committee Chairman Orrin Hatch (R-Utah) told Bloomberg BNA. “I think he's been so concerned with this matter on the floor right now,” Hatch said, referring to the Iran nuclear bill.
The Senate Finance Committee approved a two-year, retroactive renewal of 52 extenders July 21 (140 DTR G-3, 7/22/15).
But Senate Majority Leader Mitch McConnell (R-Ky) hasn't given any indication as to when he will take up the extenders bill. Congress has a raft of must-pass legislation coming in the next few months, including one to fund the government, another to support the Highway Trust Fund and a third to raise the debt limit. An extenders bill could ride with one of those, but many, including Hatch, oppose that idea.
House Ways and Means Committee Chairman Paul D. Ryan (R-Wis.) has said he wants to address tax extenders in the current work period, which began Sept. 8. Committee Republicans have said they will continue to push for bills making individual extenders permanent, contrary to the Senate Finance Committee's strategy.
The indecision in Washington has only made calls from the private and non-profit sectors for a long-term extenders solution grow louder.
A coalition of thousands of companies headed by the National Association of Manufacturers and the Broad Tax Extenders Coalition sent a letter to Congress Sept. 10 calling for an extenders bill to move soon.
“Failure to extend these provisions is a tax increase,” the letter said. “It will inject instability and uncertainty into the economy and weaken confidence in the employment marketplace.”
With assistance from Aaron E. Lorenzo in Washington.
To contact the reporter on this story: Casey Wooten in Washington at email@example.com
To contact the editor responsible for this story: Brett Ferguson at firstname.lastname@example.org
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)