‘Twas three weeks before the New Year and all through the land, no one was quite sure where the tax extenders stand. Men and women of Congress work all through the day, deciding on whether tax breaks should go or should stay.
While there is still no definitive news from Washington on the tax extenders bill, House Ways and Means Committee Chairman Kevin Brady released a two-year bill renewing the tax extenders if Congress is unable to reach a deal on a larger bill. Currently, Congress is negotiating a bill that may make certain tax provisions permanent, including the research and development tax credit, Internal Revenue Code Section 179 expensing of tangible property and the Earned Income Tax Credit, to name a few.
Additionally, Congress is exploring the repeal of the so-called “Cadillac Tax,” a 40% excise tax on high-cost employer-sponsored health coverage that begins in 2018.
Last year, faced with a similar position, the Senate passed its extenders bill on December 16, 2014. The countdown is on for the current year, as Congress is scheduled to recess soon.
Now, back to my visions of sugar plums…