Congress returned from recess on Sept. 8th and may be forced to tackle the 50+ provisions that expired at the end of 2013. However, legislation probably will not be passed until after the upcoming midterm elections. Amongst these provisions are:
- Research Tax Credit
- New Market Tax Credit
- Bonus Depreciation
- Increased Section 179 Expensing Limits
- Energy Efficient Commercial Buildings Deduction
The bill EXPIRE, introduced earlier this year, was approved by the Senate Finance Committee extending some provisions for two years, while others would be permanently extended. However, the bill has been held up in the Senate while the Republicans and Democrats struggle to come to an agreement. By the end of the year, we have high hopes that most of them will somehow be retroactively.
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