Permanent Tax Extender Bills to Lower Federal Revenues
Earlier this week, The Committee on Ways and Means approved six bills that are expected to lower federal revenues by $310 billion over the next ten years. Referred to as ‘tax extenders’, the bills permanently extend several expired business tax provisions and specifically address the following: Research and experimentation tax credit (H.R. 4438); ‘Look-through’ treatment for controlled foreign corporations (H.R. 4464); Subpart F exceptions for active financing income (H.R. 4429); Increased Section 179 ‘small business’ expensing limits (H.R. 4457); A reduced recognition period for S corporation built-in gains (H.R. 4453); and Basis adjustments to stock of S corporations that provide. Read More.