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发帖数: 29846 | 1 House nearing vote on 1-year package of tax breaks
December 1, 2014 - 3:05 PM
By STEPHEN OHLEMACHER, Associated Press
WASHINGTON (AP) — House Republicans are moving to pass a one-year extension
of temporary tax breaks affecting millions of businesses and individuals.
Most of the more than 50 tax breaks expired at the end of 2013, so the
extension would only run through the end of the month. However, it would
allow taxpayers to claim the tax breaks when they file their 2014 tax
returns.
The tax breaks benefit big corporations and small businesses, as well as
commuters, teachers and people who live in states without a state income tax
. In all, they affect about one in six taxpayers, according to The Tax
Institute, the independent research arm at tax giant H&R Block.
Senate Democrats and House Republicans were negotiating to make some of the
tax breaks permanent. But talks faltered last week after the White House
threatened to veto an emerging package, saying it too heavily favored big
corporations over families.
White House spokesman Josh Earnest expressed concerns about a one-year
extension, but stopped short of issuing a new veto threat.
"There are significant fiscal consequences for just a one-year extension,
instead of a permanent extension," Earnest said.
A House GOP aide said the House could vote on the one-year package as early
as this week. The aide was not authorized to speak publicly about the
package ahead of an official announcement.
Congress routinely passes the package of temporary tax breaks every year or
two, drawing complaints from businesses that it is hard to plan from year to
year. A one-year package would bring more uncertainty next year.
Among the biggest breaks for businesses: A tax credit for research and
development, an exemption that allows financial companies to shield foreign
profits from being taxed by the U.S., and several provisions that allow
businesses to write off capital investments more quickly.
The biggest tax break for individuals allows people who live in states
without an income tax to deduct state and local sales taxes on their federal
returns. Another protects struggling homeowners who get their mortgages
reduced from paying income taxes on the amount of debt that was forgiven.
Other more narrow provisions include tax breaks for film and theater
producers, NASCAR race track owners, manufacturers of electric motorcycles,
commuters who use public transportation and teachers who spend their own
money on classroom supplies.
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Associated Press reporter Josh Lederman contributed to this report. |
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