Tax Extenders Bill Prepares to Hit Senate
Sterling Heights, Michigan (PRWEB) July 28, 2015 -- The Senate Finance Committee has recently approved a tax extenders bill that will extend over fifty tax breaks for two years retroactive to when they expired (Dec. 31, 2014). Some of the tax breaks included are the research and experimentation tax credit, the energy efficient commercial building deduction (Section 179D), state and local sales tax deductions, additional first year depreciation (50 percent Bonus Depreciation) and increased Section 179 depreciation. The bill will now go to the Senate for full consideration, but is anticipated that the Senate will give a heavy vote in favor of the bill based on a strong bipartisan vote of 23-3 in the Senate Finance Committee.
The proposed bill also expands the research and experimentation tax credit and Section 179D to be more beneficial for small and mid-sized businesses. Proposed changes to the research and experimentation tax credit include allowing companies to take the credit against their Alternative Minimum Tax (AMT) and effectively making the credit refundable for small businesses (however, the refund is capped). The proposal would expand Section 179D to allow charities and tribal governments that owned buildings the ability to allocate the Section 179D tax deductions to the builders making the energy-efficient enhancements.
While this bill still has to pass the Senate, the House, various committees and President Obama, it is an indication that Congress has these expired provisions on their radar and they may be willing to take action to extend the expired provisions earlier than they have in the past.
For the latest developments on the tax extenders bill, please contact your professional at UHY LLP in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at http://www.uhy-us.com.
Chris Clark, UHY LLP, +1 (586) 843-2637, [email protected]
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