Tags: tax breaks | tax credits | House | deductions | tax reform

Popular Tax Breaks Likely to Be Around for 2014 Filings

By    |   Wednesday, 03 Dec 2014 07:19 AM

The House is expected to vote as early as Wednesday on a bill that would renew for a year some 50 tax deductions benefiting industry as well as ordinary taxpayers, Politico reported.

If the bill is approved, businesses will be able to continue to claim deductions for research and development. Most of the deductions and credits, worth $45 billion over a decade, have expired and if not renewed would be felt by taxpayers when they file their 2014 returns.

Though the bill does not include the child tax credit and earned income tax credit that the White House wanted, the administration has apparently dropped its opposition to the stopgap measure. The one-year extension covers big corporate tax breaks to smaller tax relief for teachers and commuters, Politico said.

Democrats in the House, including Rep. Sander Levin of the Ways and Means Committee, appear ready to vote in favor of the bill, Politico reported.

House Minority Whip Steny Hoyer said what's needed is a "comprehensive tax reform program, but we obviously can't do that in the remaining time in this Congress, so what we ought to do is give us time to do that next year," Politico reported.

Conservative advocacy groups, such as the Club for Growth and Americans for Prosperity, have taken exception to various existing deductions, arguing that they are little more than "special interest earmarks in the federal tax code," Politico reported.

Conservatives criticize, for instance, tax breaks for companies generating electricity using wind energy.

Grover Norquist of Americans for Tax Reform is urging lawmakers to back the bill on the grounds that it does more good than harm. The U.S. Chamber of Commerce is also a strong backer of passage.

Retiring House Ways and Means Committee Chairman Dave Camp, R-Michigan, has advocated reforming the entire tax code and making the best of the breaks permanent.

Efforts to achieve even a partial, temporary bipartisan compromise broke down with Obama's unilateral executive action on immigration, which Republicans feared would benefit migrants who are in the country illegally, according to The Washington Post.

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The House is expected to vote as early as Wednesday on a bill that would renew for a year some 50 tax deductions benefiting industry as well as ordinary taxpayers, Politico reported.
tax breaks, tax credits, House, deductions, tax reform
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2014-19-03
Wednesday, 03 Dec 2014 07:19 AM
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