On April 3, the Senate Finance Committee will mark up dozens of “tax extenders” that have expired or will expire at the end of this year. The bill is entitled, the “Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.” The Joint Committee on Taxation estimates that the ten-year cost of renewing the provisions would result in $67.4 billion in lost revenue.
This afternoon, Chairman Wyden said that several additional provisions would be included in the mark up including: look-through treatment of payments between related controlled foreign corporations under the foreign personal holding company rules, special expensing rules for film and television productions, and an extension of the Health Coverage Tax Credit.
More information on the additional provisions can be accessed via: extenders.pdf
Chairman Wyden said, “This bipartisan extenders package is the product of a Finance Committee that came together to provide needed certainty to the economy, protect jobs and maintain important priorities for working families. With that said, I am determined this will be the last extenders bill on my watch. It’s high time we focus on creating a new, 21st-century tax code, because the status quo is unacceptable.”
On April 8, the House Ways and Means Committee will hold a hearing on those “expired business tax provisions that would be extended by the tax reform discussion draft released on February 26, 2014, with a particular emphasis on how permanent tax policy can promote certainty for American businesses and generate additional economic growth.”