The House could vote as early as Wednesday on a one-year retroactive renewal of tax breaks that expired at the start of this year, says Politico. The four dozen incentives include the $1 a gallon biodiesel tax credit, a wind power credit and the $500,000 business deduction for new equipment. “The House bill would extend only those provisions that expired at the end of 2013 and would not address any provisions set to expire at the end of this year. Neither side really wants a one-year deal, but with only two weeks to go before recess, lawmakers may just do the minimum,” said Politico.
The Hill newspaper said leaders aim for a package that will make it through the Senate with the fewest problems. There were objections to a one-year package since the provisions would expire at the end of this month, meaning a new round of uncertainty for taxpayers and no short- or long-term solution to the problem.
The House Ways and Means Committee’s list of proposed tax breaks is available here. It includes bonus depreciation, the so-called Section 179 business expensing provision, the $1 a gallon biodiesel tax credit and the wind energy production tax credits.