Contact UsWhat is the current status of the tax extenders legislation on Capitol Hill? My understanding is the Senate Finance Committee approved on April 3rd the "Expiring Provisions Improvement Reform and Efficiency Act of 2014 ("EXPIRE") and that the House Ways and Means Committee recently met last week as well to vet the tax extenders. Was a bill agreed upon to send to the President's desk for passage into law?
Tax Professional Answers
You are correct that on April 3rd, the Senate Finance Committee overwhelmingly approved the Expiring Provisions Improvement Reform and Efficiency Act of 2014 ("EXPIRE") with a strong bipartisan vote, setting the stage for Congress to address. You are also correct that The House Ways and Means Committee held a hearing last week to discuss the perennial issue of the tax extenders. The pending Congressional deliberations centered around the tax extenders legislation and the need to address and reconcile the differences between the tax reform draft bill that the House Ways and Means Committee Chairman Dave Camp, R-Michigan, released back in February to the tax extenders legislation that was recently passed by the Senate Finance Committee.
To that end, Congress has not agreed upon a bill as of this writing to send to the President's desk for signature. I will continue to provide legislative updates from the Hill and thank you very kindly for your inquiry.