The outcome of expired energy tax provisions has remained unknown in the last few months. Earlier this month, it was announced that Grassey released the first set of reports for the examination of the tax extenders. Within this report was one of the most popular incentives, 179D. If this extender were to be made permanent, it would benefit a broad group of industries that could take advantage of the energy-efficient deduction.
Both Cardin and Portman claimed they would push for the Fiance Committee to debate its own version of the tax extensions in September. This could be an indication that the chamber will not take up the extension package that is currently backed by House Democrats and Means Committee Chairman Richard Neal. Currently, The House version includes temporary expansions of tax credits that are geared towards low-income households.
The Means Committee’s bill includes tweaks to the budget in the estate tax threshold, which is viewed as unacceptable to the Senate Republicans. It remains to be seen what effect this new report might have on the extenders package, but we are confident there will be more concrete information soon.
National Tax Group has been monitoring the status of these significant tax provisions since plans to renew and extend them were first introduced. We are experts in these specialty areas of the tax code and are prepared to help all taxpayers obtain them once they are able to again. Contact one of our team members to learn about the expired tax provisions and the benefits they will bring you.