In the last few months, the outcome of expired energy tax provisions has remained unknown. Congress has resumed its session after the August recess and there is still a possibility of tax legislation before the end of the year. There are many items that have been observed by the House of Representatives and the Senate and are likely to be included in a potential tax package. This package could extend the life of many important energy-efficiency bills that support businesses. However, there are also several issues that could occur as well.
The House and Senate have flirted with several proposals given to them to resolve or postpone this process:
- Once again, temporarily extending the 30-plus bills that are expired or expiring at the end of 2019 through 2020 to be revisited.
- Disaster relief
- Retirement savings
- A Tax Cuts and Job Act provisions adjustment that relates to the Kiddie Tax on the children of households that qualify to be Gold Star Families
- The agenda could be delayed by the impeachment inquiry led by the Democrats
National Tax Group will continue to be monitoring the status and updates of these tax provisions. As experts in these specialized areas of the tax code, we are prepared to help all taxpayers obtain their incentives 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.