Lawmakers are “headed for another last-minute, end-of-the-year renewal” of five-dozen tax breaks that expired at the end of 2014, reports Agri-Pulse, which quotes House Majority Leader Kevin McCarthy as saying, “In these situations, it’s always coming down to the last week to see what mix we’re able to get.” The Senate Finance Committee has approved a bill to revive the tax incentives for 2015 and 2016 while the House has voted to make some of the tax breaks permanent. Work on the provisions was delayed first by a proposal to overhaul the tax code, and then by a shake-up in House leadership.
Agri-Pulse said Senate Finance chairman Orrin Hatch was optimistic that House leaders would agree to the two-year extension, “but McCarthy wasn’t showing his hand on Monday.” The “extenders” include a so-called higher limit on Section 179 business expensing, the 50-percent bonus depreciation deduction, the $1-a-gallon biodiesel tax credit and tax breaks for wind and solar power. Congress has a goal of adjourning for the year by Dec. 18.