With the year coming to a close, so is Congress’ time to pass extensions to a number of business-critical tax incentives. With the upcoming $900 billion COVID aid package, $1.4 Trillion omnibus spending bill, and reams of other unfinished legislation on taxes, congress looks to be taking care of it.
An extension of expiring tax breaks, including lower excise taxes of crafter brewers and distillers would be included. Renewable energy sources would see tax breaks extended, as would motorsport facilities, and people making charitable contributions. Business meals would be 100% deductible through 2022.
As these bills progress through the house and senate, we will update you on specific details of the extensions. If you have any questions on this or any of the other commercial tax services we provide, please reach out to our tax professionals at (561) 257-3436.