Senate's Slimmed Extenders Bill Aims to Signal Cooperation

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...

Senate Finance Committee leaders reach a compromise on a $152 billion tax extenders package that would cull nearly 25 percent of last year's provisions from the tax code, but they stress their biggest achievement may be in showing the public the two parties can work together on tax issues as the nation moves closer to the “fiscal cliff.” Committee Chairman Baucus and ranking Republican Sen. Hatch say the agreement required significant concessions, resulting in the elimination of tax breaks for Gulf Opportunity Zone investments created after Hurricane Katrina, as well as the traditional ethanol tax credits, and charitable deductions for book and computer inventories. The agreement also leaves out a plan to pay for the legislation.

Request Daily Tax Report