https://www.walkerreid.com/wp-content/uploads/2017/01/WR-Logo-wt-300x104.png 0 0 judd https://www.walkerreid.com/wp-content/uploads/2017/01/WR-Logo-wt-300x104.png judd2014-07-03 11:36:082016-05-13 01:25:41179D Tax Deduction Status and Extension Update
With the proposed extension of Section 179D Tax Deduction in the EXPIRE Act currently blocked in the Senate by a battle over the allowance of amendments, we look at the house for possible action. Chairman Camp of the House Ways and Means Committee has implemented an approach different than the extenders bill proposed in the Senate. His plan is to review each expired provision and either make it permanent or kill it.
Walker Reid Strategies recently visited Capitol Hill prior to the July recess to discuss the extension of Section 179D Tax Deduction and the current efforts in the Ways and Means Committee. The meetings concluded with a similar theme. Staff members are unsure whether Chairman Camp plans to continue to hold individual markups or only wait for the Lame Duck session to negotiate with Chairman Wyden (of the Senate Finance Committee) on the extension of the expired tax provisions.
Our best guess is that no action will be taken until the Lame Duck but do expect for extenders to be completed before the end of the year. Numerous high ranking Members and Senators have stated the importance of dealing with the currently expired tax provisions before the end of the year.