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Dec. 16 — Senators voted 76-16 to pass legislation to renew for tax year 2014 more than 50 expired tax breaks just before lawmakers leave for the Christmas holiday.
The $41.6 billion bill (H.R. 5771), which the White House says President Barack Obama will sign, would renew tax provisions such as the research and development credit, the deduction for state and local taxes, and Section 179 expensing.
Though the retroactive provisions will be available for taxpayers in tax year 2014 and allow them to claim the tax breaks on returns for the 2015 filing season, the provisions will expire again at the end of the year. Lawmakers have pledged to revisit the issue in early 2015 to craft a long-term solution.
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