WASHINGTON, Dec. 11, 2014 -- A House-passed bill extending a series of expired tax breaks is likely to be the last thing the Senate does before adjourning for the year.
The bill, H.R. 5771. would reinstate for this year the Section 179 expensing benefit for small businesses as well as a variety of tax credits for biofuels and wind energy.
Senate Majority Whip Richard Durbin, D-Ill., said today that the bill was being held to last because of disagreement over both “substance and timing.” However, Senate Finance Chairman Ron Wyden, D-Ore., said the Senate had no other practical option. “It’s very hard to see a procedural path toward something else,” he told reporters.
Majority Leader Harry Reid, D-Nev.,, has said the Senate would deal with the omnibus spending bill and defense authorization legislation before taking up the tax extenders.
The Section 179 provision would keep the expensing limitation at $500,000 for this year, the level that has been effect since 2010. Without the extension it reverts to $25,000. The provision costs the government about $1.4 billion.
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