Legislative update - Ways and Means to mark up bonus depreciation, charity-related “tax extenders” 

May 27:  The House Ways and Means Committee has scheduled for Thursday, May 29, a markup of six bills—including proposals for the permanent extension of bonus depreciation and five exempt organization-related provisions.

Read text of the bonus depreciation bill scheduled for markup (at the hyperlink below).


  • H.R. 4718 [PDF 2.9 MB]—to modify and make permanent bonus depreciation

Read text of the five exempt organization-related proposals scheduled for markup.


  • H.R. 2807 [PDF 246 KB]—conservation easement incentives
  • H.R. 4619 [PDF 242 KB]—to make permanent the rule allowing certain tax-free distributions from individual retirement accounts (IRAs) for charitable purposes
  • H.R. 4719 [PDF 989 KB]—to permanently extend and expand the charitable deduction for contributions of food inventory
  • H.R. 3134 [PDF 242 KB]—legislation known as the “Charitable Giving Extension Act”
  • H.R. 4691 [PDF 340 KB]—to modify the tax rate for excise tax on investment income of private foundations

JCT descriptions

The Joint Committee on Taxation (JCT) released descriptions of the bills scheduled for markup by the Ways and Means Committee.


  • JCX-57-14 [PDF 59 KB] description of H.R. 4718, to modify and make permanent bonus depreciation
  • JCX-53-14 [PDF 55 KB] description of H.R. 2807, conservation easement incentives
  • JCX-55-14 [PDF 59 KB] description of H.R. 4619, to make permanent the rule allowing certain tax-free distributions from individual retirement accounts (IRAs) for charitable purposes
  • JCX-58-14 [PDF 56 KB] description of H.R. 4719, to permanently extend and expand the charitable deduction for contributions of food inventory
  • JCX-54-14 [PDF 34 KB] description of H.R. 3134, legislation known as the “Charitable Giving Extension Act”
  • JCX-56-14 [PDF 35 KB] description of H.R. 4691, to modify the tax rate for excise tax on investment income of private foundations



©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

Share this

Share this