BREAKING NEWS: The Senate Finance Committee launched bipartisan taskforces to address tax extenders including the 45L tax credit and 179D tax deduction along with other temporary tax policy. This bipartisan effort is encouraging for the real estate industry and other industries that are still waiting on renewal of tax extenders, many of which expired at the end of 2017. The video below shows Senator Chuck Grassley, a longtime supporter of extenders, making the case for these taskforces. Grassley explains that the bipartisan groups will seek to determine if some 42 provisions should be extended, phased out, made permanent, or modified; all with the goal of providing taxpayers with a road map for the future so that businesses can plan accordingly.
“Today I am announcing, along with Ranking Member Wyden, that the Finance Committee will form several bipartisan taskforces to examine the temporary tax policies. These taskforces will consist of members of the Finance Committee and focus on provisions that expired, or will expire, between December 31, 2017 and December 31st of this year – a total of 42 provisions.”
“Taxpayers relying on these provisions have been doing what Congress wanted them to do – investing in certain types of property, hiring new employees or taking other types of actions. We shouldn’t punish them now for doing so,” remarked Senator Grassley during today’s session.
As far as timing and what we can expect, Grassley has asked the taskforces to get to work immediately with a goal of June.
“We have asked the taskforces to begin their work right away and complete their efforts by the end of June. This should provide adequate time to identify possible long-term solutions that can be enacted this year to end the annual extenders drama and provide certainty to the taxpayers who utilize those provisions.”
To watch Senator Grassley’s full floor remarks regarding this latest update, visit the links below:
Grassley on Launch of Bipartisan Taskforces to Resolve Temporary Tax Policy