Last week, the NAM, joined by several leading associations in the business community, sent a letter to the Chairs and Ranking members of the congressional tax-writing committees calling for immediate action on a package of more than fifty expired tax provisions, known as “tax extenders.” Days later, the Senate Finance Committee answered that call and approved a two-year tax extenders package today.
The tax extenders package approved by the Committee revives and extends through 2016 a number of tax provisions – including enhanced Section 179 expensing, first year 50% expensing (aka bonus depreciation), the R&D tax credit, deferral for active financing income, and the look-through rule for controlled foreign corporations — that are critically important to helping manufacturers invest, grow, create jobs and compete in the global marketplace.
Unfortunately, these temporary tax provisions expired at the end of last year, just days after Congress retroactively renewed them for tax year 2014. The NAM has urged Congress to act as soon as possible to extend these provisions for as long as possible, to provide manufacturers with a bridge of certainty to help with business planning decisions until comprehensive tax reform is enacted into law.
While the House Ways and Means Committee has not yet taken up a package of tax extenders, both the Committee and the full House of Representatives have passed individual bills to make permanent the R&D tax credit as well as enhanced Section 179 expensing. It is not yet clear how the two sides will reconcile these different approaches to tax extenders, but manufacturers will continue to urge Congress to pass tax extenders as soon as possible and allow the economy to receive the benefit of the investment that will come once the uncertainty of tax policy is removed.
Before joining the NAM, Crooks served as senior manager of government affairs for Financial Executives International, where she advocated on behalf of the association’s membership of senior-level business executives on tax, corporate treasury, pension and benefit issues. Previously, she worked as a legislative assistant to Rep. Michael Castle (R-DE), a senior member of the House Committee on Financial Services. Christina handled financial services issues for the Congressman during consideration of the Dodd-Frank Act, and also worked on small business and judiciary issues. Christina earned a B.A. in Political Science from the University of Delaware and a M.A. in Political Science from American University.
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