The Senate Finance Committee approved tax legislation on July 21 that would generally extend the 50-plus popular tax provisions that expired at the end of 2014 retroactively from Jan. 1, 2015, through the end of 2016.
The expired provisions, including bonus depreciation, are important to nearly all of our clients, and the bill would make changes to significant provisions such as the R&D credit and the alternative fuel credit. The House and Senate are expected to begin negotiating a final compromise on the extenders after the August recess.
Tax Legislative Update 2015-04 discusses the legislative outlook in more detail and includes a full table describing how each expired provision would be treated under the House and Senate legislation. The update has been distributed to the Tax Hot Topics email list but should also be shared directly with interested clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
