The current Congress may have some work to do in it’s remaining days before the transition is complete.
This year’s closing session in Congress will be one of the busiest in recent years. One of the big-ticket items to be decided is whether to extend various tax provisions that are set to expire as 2020 ends. One legislative possibility to avoid the expiration is a consolidation of these extender bills into one large Coronavirus relief bill in order to get them all passed at once. December 11th will be the first chance to pass the tax extender.
Another option is for lawmakers to come to a bipartisan agreement to permanently extend these provisions. This was accomplished previously in the PATH Act of 2015, which made the R&D Tax Credit and expansions to refundable tax credits part of permanent law. This could serve as a model for legislation before the Biden presidency begins.
We will be watching these tax extenders closely to keep our customers and readers up to date.
Optimize Your Benefits and Stay Ahead of Tax Laws
You may have additional questions about how new legislation will affect the 179D Energy Efficient Tax Deduction and the 45L Energy Efficient Home Credit. Our team of tax professionals can address any questions or concerns, and provide you with a free assessment to set you up for the new year.