Tax Extenders Renewal Gains Momentum

By September 20, 2012Taxation

The temporary tax provisions that typically expire every year or two, e.g. R&D tax credit, got a boost of bipartisan, bicameral energy this week with Senate Majority Leader Harry Reid (D-NV) attempting to advance on the Senate floor tax extenders bill S. 3521 and House Ways and Means Committee chairman Dave Camp (R-MI) echoing support for moving some of these tax provisions during the upcoming Lame Duck session. Congressional leaders and tax-writing committee leaders were not the only lawmakers this week calling for action to renew tax extenders. Yesterday, 50 House GOP freshmen signed a letter of support and call for action on tax extenders to Chairman Camp and House Ways and Means Subcommittee chairman Pat Tiberi (R-OH), who held two hearings this year to evaluate the merits of some tax extenders.

In the NAM statement submitted for Rep. Tiberi’s June hearing, key tax extenders important to manufacturer were highlighted along with their impact on innovation, competitiveness, and jobs. The NAM commends tax law writers for their thoughtful review of these tax provisions and their intended goal to renew some of them before yearend.

Here in the city that is the heartbeat of American politics and it seems that everyone has caught Washington Nationals fever. In keeping with that enthusiasm, tax extenders legislation that was in the minors earlier this political season has now just been called up!  Stay tuned for the Lame Duck session.

Leave a Reply