Senate Finance Committee Passes Tax Extenders Bill
The Senate Finance Committee passed a tax extenders bill Tuesday with a bipartisan vote of 23 to 3 that extends over 50 tax breaks for two years.
“Today the Finance Committee advanced a bipartisan bill aimed to help both families and businesses,” said committee chairman Orrin Hatch, R-Utah, and ranking member Ron Wyden, D-Ore., in a joint statement. “By allowing committee members to work their will, the committee succeeded in passing a number of widely supported tax provisions that will provide some certainty in the tax code for the next two years. We look forward to continuing to work together in a bipartisan fashion to enact tax extenders legislation.”
The bill would extend dozens of tax breaks that expired at the end of last year (see Senate Finance Committee Prepares Tax Extenders Bill). Last December, Congress only managed to extend the tax breaks for an extra two weeks through the end of the year and retroactively for the rest of 2014, allowing tax season to proceed this past tax season without new forms needing to be created by the IRS. Read more on Accounting Today.