Thursday: Terrorism insurance, tax credits

The Senate starts at 9:30 a.m. and will vote in the afternoon to extend a terrorism insurance program.

S. 2244, the Terrorism Risk Insurance Act (TRIA) provides federal insurance against losses from terrorist attacks that could bankrupt a city. The program was set to expire at the end of this year.

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The legislation provides certainty for cities to invest and build in high-risk areas by expanding the program for another seven years. After 9/11 insurance companies struggled to cover the damages of the terrorist attacks.

Four amendments to the legislation will be considered around noon before a vote on final passage.

The House will consider a package to extend five tax credits that expired at the end of last year for charitable deductions. One of those measures would permanently extend the charitable deduction for contributions of food inventory. 

Democrats largely support the individual tax credits, but have demanded offsets. Republicans argue that the credits should be extended permanently to pave the way for comprehensive tax reform.

The House is expected to be finished with votes for the week by early afternoon at the latest.