Legislative update - Senate Finance schedules “tax extenders” for markup on April 3 

April 1:  The Senate Finance Committee has scheduled for Thursday, April 3, 2014, a markup on the “tax extenders” legislation—Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act—and other provisions that would make tax technical corrections and remove tax “deadwood” from the Code.

An initial review of the proposals reveals:

  • Included among the tax extenders are provisions for 50% bonus depreciation through 2015
  • Omitted from the tax extenders are provisions for the “CFC look through” rule of section 954(c)(6) and for the wind tax credit

It is unclear how the chairman plans to proceed with the markup, especially in light of what are considered to be missing or omitted items.

Read the Finance Committee release.

Read a Finance Committee summary [PDF 354 KB] of the tax extenders.

JCT documents

The Joint Committee on Taxation has prepared documents in connection with Thursday’s markup of the extenders bill:

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