House GOP to Senate: Act on Tax Breaks, The Hill, 5/26/2014

House GOP to Senate: Act on Tax Breaks, The Hill, 5/26/2014

The Hill, May 26, 2014

By Bernie BeckerThe quicker the Senate moves on extending popular tax breaks the better, GOP tax writers in the House say.

Ways and Means Committee Chairman Dave Camp (R-Mich.) and his allies are pushing to revive and make permanent some of the dozens of incentives that expired at the end of last year, like the credit for business research.

GOP tax writers are hesitant to weigh in on the broader fight over amendments and floor procedure that is stalling the Senate legislation to restore the more than 50 tax breaks commonly known as extenders.

But they do believe that quick action in the Senate opens up the chance for a conference committee before November’s election, increasing their odds of permanent extensions.

“I’m not going to get into the specifics about their process,” said Rep. Patrick Tiberi (R-Ohio), the chairman of a Ways and Means subcommittee that deals with taxes.

“But I would like to see the Senate pass the extenders bill — whatever it might be — so we can go to conference and get the real work done.”

The problem for Republicans like Tiberi is that Senate Democrats say they have little interest in allowing a conference committee, even if their chamber does pass their extenders package.

Still, the Ways and Means panel is getting ready to press ahead with their efforts to permanently restore some expired provisions.

Lawmakers and lobbyists say the committee is scheduled on Thursday to consider extensions of several charitable provisions and an incentive, called bonus depreciation, that allows businesses to more quickly write off investments.

The House has already passed a permanent extension of the research credit, albeit over the objections of roughly two-thirds of House Democrats who complained about the $156 billion price tag.

The Ways and Means Committee has also passed a permanent extension of a tax break for small business expensing and incentives for offshore corporate income. The preference for business expensing, commonly known as Section 179, could hit the House floor as soon as June, aides say.

Camp, who has announced he won’t seek reelection this year, has said that permanent extensions of the preferences would make the tax reform math easier for future tax-writing chairmen. (Click here for full article.)