The Senate is expected “in the coming days to restore more than 50 tax breaks, all of which expired at the end of 2013, just through the end of this year,” including the Section 179 business expensing provision, says The Hill newspaper. The House passed the $42 billion package several days ago, so Senate approval would send the bill to the White House for enactment. The package includes so-called bonus depreciation, the $1 a gallon biodiesel tax credit and the production tax credit for wind power.
Section 179 allowed up to $500,000 in deductions for purchase of new business equipment but shrank to a $25,000 ceiling when the higher limit expired on Jan 1. Renewal of the higher limit is a top priority of agriculture groups.
“On Wednesday and Thursday, we will continue to work our way through the remaining cloture and confirmation votes on nominations and we hope to reach agreements to consider Tax Extenders and TRIA,” said a notice posted by Senate Democrats. The Senate is expected to vote on executive branch nominations today and Tuesday.